US and Japan Stage Joint Intervention to Support Slumping Yen
The US and Japan have jointly intervened in the currency markets for the first time since 2011 to support the yen, which has hit a four-decade low.
Prime Minister Sanae Takaichi's government is facing concerns about its massive debt under her leadership, while a gap between Japanese and US interest rates has fueled a 'carry trade' by investors.
The joint intervention was confirmed by President Donald Trump on Sunday, who called it a 'signal of friendship' with Japan and 'good for the world economy.'