US and Japan Unite to Shore Up Yen Amid Inflation Fears
The United States and Japan have jointly intervened to support the yen, which has been under pressure due to inflationary concerns. This move marks a significant level of coordination between the two allies, with Tokyo seeking to calm global market risks.
Japanese authorities bought yen and sold dollars during New York trading on Friday, while data from the Bank of Japan indicated that Tokyo sold as much as $58.97 billion to support the yen on Thursday.
The intervention has helped stabilize the currency, with the yen closing at 157.40 to the dollar on Friday, its strongest level since early May. This comes after it briefly traded near its weakest level since 1986 earlier in the week.