US Joins Japan in Massive Yen Intervention Amid Currency Crisis

The Japanese government intervened in the foreign exchange market to prop up its currency, the Yen. This is not the first time Japan has taken such action, but this intervention may be different due to the involvement of the US Treasury. According to reports, the US bought Yen on behalf of the Treasury through Goldman Sachs and Morgan Stanley.

The size of the intervention is unknown, but it's likely massive, possibly even surpassing a previous intervention in April. The participation of the US adds a new layer of complexity, with some questioning its impact due to the unusual move of selling Euros to buy Yen.