US and Japan Unite to Support Yen in Rare Joint Intervention

Japan and the US have joined forces to support the yen in a rare coordinated currency intervention. The move, which is the first joint action since 2011, aims to counter excessive volatility and disorderly movements in the Japanese currency.

The yen-buying intervention was conducted alongside the U.S. Treasury Department to stabilize the yen, which recently fell to a 40-year low.

Finance Minister Satsuki Katayama stated that Tokyo would not hesitate to intervene again if necessary, saying 'We will not hesitate conducting further coordinated intervention.'

The announcement sent the yen over 1% higher against the US dollar, with markets remaining alert for additional intervention.