US and Japan Jointly Intervene to Support Yen, Citing Friendship and Economic Benefits

US President Donald Trump confirmed that his administration jointly intervened with Japan to prop up the yen, calling it a 'signal of friendship' that would benefit both countries and the global economy.

The intervention is the first coordinated effort between the US and Japan in nearly three decades, according to reports. The US Treasury sold euros to buy yen on behalf of the US Department of the Treasury on Friday, with some estimates suggesting Japan's intervention may have totalled around ¥8.45 trillion (RM220 billion).

Trump attributed the move to a 'good relationship' between the two countries and said it would also be good for the world economy. The Japanese Finance Minister Satsuki Katayama confirmed the joint action, stating that it countered excessive volatility in the yen.