Forex
US-Japan Yen Intervention Sparks Market Rebound
The US and Japan are intensifying their cooperation to stabilize the yen, with both countries taking unprecedented steps in the global foreign exchange market.
On Thursday, Japan made surprise purchases of around $53 billion in yen, while American authorities asked banks for quotes on the yen's rate, a move seen as a precursor to intervention.
This marks the second time this year that the US has taken such action, with the maneuvers sparking a rapid 3.3% gain in the yen against the dollar in New York trading.
The level of coordination between the two countries is considered a new normal, with experts noting that it has not been seen to this extent in decades.