US Treasury Intervenes in Yen Market, Buying Currency for First Time in Over a Decade

The US Treasury has intervened to support the Japanese yen, buying the currency for the first time in over a decade. The move follows Japan's efforts to stem the yen's weakness, which has seen it fall to near 40-year lows.

The intervention is believed to have been coordinated with Tokyo and may be the start of a new policy aimed at stabilizing markets. According to Reuters, Japan may have sold as much as $58.97 billion in dollars to buy yen on Thursday, signaling its repeated efforts to stem the yen's weakness.

The Treasury's action comes after Treasury Secretary Scott Bessent was spotted taking notes during a cabinet meeting, which included a reminder to 'Buy Japanese Yen (JPY) $5-10 bil.'