US Intervenes in Yen Market, Purchases Currency for First Time in 15 Years

US President Donald Trump has announced that America has purchased Japanese yen for the first time in 15 years to rescue the currency from its 40-year low against the dollar. The move was made to stop the excessive volatility of the yen and control currency speculators.

The intervention, which is the first joint action between Japan and America since 2011, saw Tokyo sell approximately $59 billion in dollars to buy yen in the New York market on Thursday. The exact amount purchased by the US was not disclosed, but a photograph of US Treasury Secretary Scott Bessent's notebook suggested that it was around $5-10 billion.

Trump stated that America had helped Japan because its currency was weakening and it needed assistance. He said, 'They wanted a little help.' The Japanese yen had reached a record low of 164 against the dollar last week, prompting joint intervention from both countries.