US Conducts Yen Intervention at Japan's Request Amid Currency Weakening

U.S. President Donald Trump announced on Sunday that his country conducted a yen-buying intervention at Japan's request, citing a weakening currency.

The intervention was carried out in coordination with Japanese authorities and is the first such operation between the two countries since shortly after the powerful earthquake and tsunami in northeastern Japan in March 2011.

According to Trump, the U.S. would benefit from the intervention, which he described as 'a signal of friendship' with Japan.

The last concerted yen-buying operation was conducted in June 1998 during the Asian financial crisis.