Forex
US-Japan Confirm Joint Yen Intervention, Vow Further Action
The Japanese Yen (JPY) surged on Monday as US-Japan confirmed joint intervention to prop up the currency. The USD/JPY pair plummeted to near 156.45 during European trading hours.
Japan's Finance Minister Satsuki Katayama stated that Japan and the United States conducted coordinated yen-buying intervention, with both countries willing to take further action if necessary.
US Treasury Secretary Scott Bessent emphasized that Washington wouldn't hesitate to step into the market again. US President Donald Trump said the US was helping Japan prop up the JPY as a sign of friendship and to aid the world economy.