US and Japan Unite Against Yen Speculators in Summer Showdown

The US Treasury Secretary Scott Bessent announced that the US and Japan have jointly intervened to support the Japanese yen, which has been experiencing a sharp decline against the dollar.

Last week, the yen tumbled to levels against the dollar not seen since the 1980s, posing a threat to both the US and Japanese economies. The joint intervention aims to stabilize the currency markets and prevent further weakening of the yen.

The move comes as trade tensions simmer and major powers are engaged in real wars, but the 'guns of August' have shifted to currency markets. The intervention is seen as a strategic step to counter foreign-exchange speculators who have been betting against the yen.