US Treasury Deploys Rare Market Intervention to Boost Yen

The US Treasury Department intervened in the currency market on Friday by selling euros and buying yen, according to sources familiar with the matter quoted by Britain's Financial Times.

The move was likely aimed at propping up the Japanese currency, which had plunged to historic lows against the dollar. The Japanese government and the Bank of Japan intervened on Thursday to support the yen.

If Japan and the US coordinated their intervention, it would be an extremely uncommon move, with the last such instance dating back to 2011 following the Great East Japan Earthquake.