US and Japan Unite to Boost Yen Amid Interest Rate Pressure

The yen has seen its weakest level in decades due to higher US interest rates and rising oil prices, prompting Washington and Tokyo to take joint action.

The Federal Reserve Bank of New York reportedly sold euros to buy yen on behalf of the US Treasury through Goldman Sachs and Morgan Stanley, the first such intervention since 1998.

The move aims to support the Japanese currency, which has seen a sharp rebound in recent days, with analysts estimating that Japan's intervention may have totalled about $52.8 billion.