US and Japan Join Forces to Prop Up Yen

Japan and the US have confirmed they conducted a joint yen-buying intervention to halt the currency's slide to fresh 40-year lows.

The move, which is the first since 2011, was made in coordination with the US Treasury Department on Friday.

The Japanese Ministry of Finance (MOF) stated that the joint intervention 'countered excessive volatility and disorderly movements in the Japanese yen in recent months.'

According to a statement from the MOF, the ministry remains attentive and will not hesitate to conduct further joint intervention if needed.