US and Japan Unite to Prop Up Yen in Coordinated Market Intervention

The US and Japan have jointly intervened in the currency markets for the first time since 1998, propping up the yen. The intervention took place on July 31 to August 1, with Washington and Tokyo coordinating a joint effort to buy yen.

The move was taken to counter what officials described as 'disorderly' yen movements. US Treasury Secretary Scott Bessent confirmed the action, noting that further joint interventions remain on the table if conditions warrant them.

President Donald Trump framed the move more diplomatically, calling it a sign of friendship with Japan and support for global economic stability.