US Dollar Weakens Against Japanese Yen After Joint Market Intervention

The US dollar sharply weakened against the Japanese yen on Monday after the US and Japan confirmed joint market intervention.

Before last week, the dollar was trading above 163 yen, but it fell below 160 yen after regulators were suspected of stepping in. On Monday, after the official announcement of the intervention, the dollar dropped to nearly 155.20 yen, a significant decline from its earlier rate of 156.70 yen.

The Japanese government has been frustrated with the yen's prolonged weakness against the dollar, which has increased prices due to high oil costs and imports. Japan's Prime Minister Sanae Takaichi has pushed for measures to address rising living costs, including cutting sales taxes on food and increasing government spending.