US-Japan Coalition Stabilizes Yen Amid Ongoing Intervention

Japan and the US are working together to stabilize the value of the yen. According to sources, Japanese Finance Minister Satsuki Katayama is expected to announce details about this effort today. The joint action aims to curb the yen's weakness in the foreign exchange market.

The two sides have been coordinating their efforts behind the scenes. Direct purchases of the yen and calls by officials to banks that trade the currency have helped boost the yen's value. On Friday, the Japanese government spent approximately US$52.4 billion on buying yen, which is believed to be the biggest-ever intervention on a single day.

The operation is still ongoing, with the US Department of the Treasury and the Bank of Japan working together to stabilize the currency. The yen has seen significant gains in recent days, with its value increasing by more than 1 percent against the US dollar and the euro on Friday.