US and Japan Stage Rare Joint Intervention on Currency Markets

The US dollar has weakened sharply against the Japanese yen after a rare intervention by both countries. The dollar fell below 160 yen and continued to drop, reaching nearly 155.20 yen on Monday morning.

This significant decline comes after US President Donald Trump and Japan's finance minister confirmed that both sides had intervened in markets. The move is seen as a joint effort to stabilize the exchange rate, which has been a source of frustration for Tokyo due to its prolonged weakness against the dollar.

The yen's weakness has pushed prices higher for imported goods, making life more expensive for Japanese consumers. High oil prices have further amplified this problem, putting pressure on the administration of Prime Minister Sanae Takaichi to address the rising cost of living.