US and Japan Stage Rare Joint Intervention in Yen

Japan and the US have confirmed that they coordinated a historic joint intervention in the yen's value.

The move, which is seen as an extraordinary step in currency markets, was aimed at supporting the Japanese economy by weakening the yen against other major currencies.

According to the Financial Times, the intervention is believed to be the first time that Japan and the US have collaborated on a joint action to influence foreign exchange rates.