US and Japan Team Up to Boost Yen in Rare Joint Market Intervention

The U.S. and Japan have intervened in currency markets for the first time in 15 years, teaming up to prop up the value of the yen.

The move was confirmed by both President Donald Trump and Japan's finance minister, Satsuki Katayama, who said the intervention was a signal of friendship and would help stabilize the economy.

The U.S. dollar had been trading at 40-year highs against the yen, but after regulators were suspected of stepping in, it fell below 160 yen.

This marks a rare instance of cooperation between the two countries on currency markets, with Neil Newman, managing director and head of strategy at Astris Advisory Japan, noting that such overt acknowledgment of market intervention is uncommon.