US and Japan Team Up to Prop Up Yen in Rare Bilateral Action

Japan and the United States have conducted a joint yen-buying intervention to counter excessive volatility in the Japanese currency. The rare bilateral action, confirmed by Japan's finance ministry, aims to prevent a selloff in the yen that could add upward pressure on U.S. Treasury yields.

The move was first announced last Friday and marks the first coordinated action since 2011's intervention following the devastating earthquake in eastern Japan.

President Donald Trump said the United States was helping Japan prop up the yen as a sign of friendship and to help the world economy, aside from its strategic value as an ally in Asia.