US and Japan Intervene to Support Yen

The United States and Japan have jointly intervened in foreign exchange markets to support the yen, marking the first coordinated yen-buying operation by the two countries since 1998.

Japan's intervention is estimated to have spent around 8.45 trillion yen on Thursday and Friday, with Bloomberg estimating that Japanese authorities may have spent about $53.7 billion during Thursday's intervention.

The dollar closed at 157.40 yen in New York on Friday, the yen's strongest level against the dollar since early May, after the interventions.