US Dollar Drops Below 160 Yen After Joint Intervention with Japan

The US dollar has dropped to 156.80 yen on Monday morning, marking a decline from its 40-year high of 164 yen reached in July.

This move comes after the Trump administration partnered with Japanese authorities to intervene in currency markets and counteract excessive volatility.

As part of this effort, the US Treasury Department sold euros for yen on Friday, coordinated by the Federal Reserve Bank of New York and conducted through Goldman Sachs and Morgan Stanley.

Japanese Finance Minister Satsuki Katayama confirmed that Japan also purchased yen to address rapid currency swings.