US and Japan Unite to Halt Yen's Record Slide

The US and Japan have made a rare joint move to prop up the yen, which has been sliding to record lows. The intervention is the first since 2011, when both countries took coordinated action after the devastating earthquake and tsunami that hit eastern Japan.

Last week's joint intervention was confirmed by both Japan's Ministry of Finance and US Treasury Secretary Scott Bessent. They stated that they will not hesitate to conduct more joint interventions in the future.

The Bank of Japan data indicated that Tokyo may have sold almost $59bn of US dollars to buy yen when it intervened in New York markets on Thursday, before Friday's confirmed joint intervention with Washington.