Forex
US Steps In to Support Yen Amid 40-Year Low
The United States has bought Japanese yen for the first time in over a decade to prop up its value from a 40-year low against the dollar. President Donald Trump described it as 'a signal of friendship' towards Japan.
'They have a weakening yen, and they wanted a little bit of help,' Trump said aboard Air Force One on Sunday. He added that supporting the yen would be 'good for the world economy.'
Treasury Secretary Scott Bessent confirmed the US and Japan coordinated foreign exchange actions to counter disorderly yen movements. The Treasury Department has stated it will not hesitate to participate in further joint intervention.