USD/JPY Rebounds on US-Japan Joint Intervention

The Japanese Yen has softened, and traders are watching for further US-Japan joint currency intervention after coordinated operations last week triggered a dramatic rebound. The USD/JPY pair recovered some lost ground to near 157.65, snapping its three-day losing streak.

Bloomberg reported that Japan's Finance Ministry and US Treasury Secretary Scott Bessent are working together to shore up the currency, with Bessent stating that the US wouldn't hesitate to step into the market again.

Japan confirmed the first joint intervention with the US in 15 years, according to a statement by Finance Minister Satsuki Katayama. However, uncertainty in the Middle East could boost the US Dollar against the Japanese Yen, as US President Donald Trump cancelled planned military strikes against Iran based on 'rapidly' reaching a deal on its nuclear programme.