US Treasury and Japan Join Forces to Prop Up Yen

The US Treasury Department made a historic move to stabilize the Japanese yen (JPY:USD) in coordination with Japan, marking the first time since 1998 that the two allies have joined forces for such an action.

This intervention is significant as it marks a rare instance of joint currency market support by the US and Japan.

The Financial Times reports that this move was taken to prop up the yen, with direct purchases made to stabilize the market. The exact details of these purchases are not disclosed in the report.