Forex
US and Japan Unite to Support Slumping Yen
The US Treasury has coordinated an intervention to support Japan's currency, the yen. This is not a common occurrence, as countries usually only intervene in their own markets to prop up their currencies. However, in this case, the US and Japan have joined forces to stop the yen's slide against the dollar.
The yen has been falling for some time, reaching its weakest level against the dollar in 40 years last week. The Japanese finance ministry confirmed that they acted in a joint intervention with the US Treasury.
US officials say they are prepared to intervene again if needed to support Japan's currency. This is an unusual move, as countries usually only help their own currencies when they feel threatened or under pressure.