US and Japan Unite to Support Yen in Rare Joint Intervention

US President Donald Trump announced that the United States had intervened to support Japan's yen, calling it a 'signal of friendship' and beneficial for the global economy.

The intervention was in response to the yen's steep decline, which has pushed up import prices and contributed to broader inflation. Japan's Finance Minister Satsuki Katayama is expected to confirm the joint action with Washington on Monday.

Market sources say that Japanese authorities purchased as much as $58.97 billion worth of yen in New York markets last Thursday, followed by another suspected intervention on Friday. The US Treasury also signaled its intention to intervene, telling banks it might buy yen.