US Treasury Joins Japan in Yen Support Operation
The US Treasury joined Japan's efforts to support the yen, deploying almost $96 billion in just two days. This intervention aimed to counter excessive volatility and disorderly movements in the currency market.
According to Reuters, the Bank of Japan spent as much as $58.97 billion during an initial intervention last Thursday and another $36.58 billion during a coordinated operation with the US on Friday.
The operation marked Washington's first coordinated yen-buying intervention with Japan since 1998 and the Treasury's first foreign-exchange intervention since 2011.
Treasury Secretary Scott Bessent stated that his government remains attentive to the situation and is prepared to intervene again. He said, 'We will not hesitate to participate in further joint intervention.'