US Buys Japanese Yen in Rare Intervention

The US Treasury Department has made a rare intervention in Japan's currency market by buying Japanese yen for the first time in over a decade. According to President Donald Trump, this move is 'a signal of friendship' and aimed at propping up the yen from its 40-year low against the dollar.

The decision comes after the yen's depreciation was exacerbated by increasing energy costs due to the Iran war. Japan's Finance Minister Satsuki Katayama stated that the intervention 'countered excessive volatility and disorderly movements in the Japanese yen in recent months.'

A Reuters photograph from a meeting at Camp David revealed Treasury Secretary Scott Bessent had written on his notepad a 'to-do' list of the incoming US purchase, including buying $5-10 billion worth of Japanese yen.