US Dollar Slips Against Yen After Joint Market Intervention
The US dollar's strength against the Japanese yen has been a long-standing concern for Tokyo. A weak currency pushes prices higher, making imports more expensive.
Recently, the dollar was trading above 163 yen, reaching 40-year highs. However, after regulators were suspected of intervening in markets, it fell below 160 yen.
On Sunday, US President Donald Trump confirmed that both sides had intervened in markets, saying 'We have a good relationship with Japan. We're very strong, - very, very strong financially, and they are, you know, they have a weakening yen, and they wanted a little bit of help, and we’re always there for Japan.'
Japanese Finance Minister Satsuki Katayama also issued a statement saying the finance ministry had purchased yen in coordination with the US Treasury Department.