US Dollar Weakens Against Yen After Joint Market Intervention

The US dollar has weakened sharply against the Japanese yen following market interventions by both countries. On Monday, President Donald Trump confirmed that the U.S. had helped Japan stabilize its currency.

The exchange rate saw a significant drop after regulators were suspected of stepping in. The dollar fell from above 163 yen to below 160 yen.

Japan's finance minister Satsuki Katayama stated that the country had purchased yen in coordination with the U.S. Treasury Department, citing the need to counter excessive volatility and disorderly movements in the Japanese yen.