US Intervenes in Japan's Currency Market for First Time in Over a Decade

For the first time in over a decade, the US has intervened in Japan's foreign exchange market to support the Japanese yen. The move comes after the yen fell to its weakest level against the US dollar in four decades. Speaking aboard Air Force One, President Donald Trump said the intervention was 'a gesture of friendship' and that supporting the yen would benefit the global economy.

The operation marked a coordinated effort between the US Treasury Department and Japan's Ministry of Finance. According to Trump, the intervention aimed to curb excessive volatility and disorderly movements in the yen. He also cited the $20 billion US financial assistance package for Argentina as an example of Washington's willingness to stabilize key economies.

Trump said that supporting the yen would have benefits for both countries. 'Japan has always treated us very well, except for Pearl Harbor,' he joked. The operation marked the first coordinated currency market intervention by the two countries since 2011, when the G7 countries and the Bank of Japan jointly intervened to curb the yen's rapid appreciation.