US Treasury Intervenes to Support Yen Amidst Currency Market Turmoil

The U.S. Treasury Department has intervened to support the yen for the first time in over a decade, buying Japanese currency to stabilize its value. According to the Financial Times, the Treasury purchased yen on Friday through Goldman Sachs and Morgan Stanley.

Japan's central bank data showed that it may have sold as much as $58.97 billion to buy yen on Thursday, signaling efforts to stem the yen's weakness. The intervention comes after Tokyo stepped in earlier this week to support the currency.

The news of potential U.S. intervention helped boost the yen, with a notable jump during late afternoon trading. The dollar dropped from about 158.9 yen around 4:14 p.m. to about 157.6 yen just before 5 p.m. EDT (2100 GMT).