Yen Soars as Tokyo and Washington Intervene Together for First Time in Nearly 30 Years

The Japanese yen experienced a significant surge on Friday, reaching its strongest level since mid-May against the U.S. dollar.

According to market sources, Japan's currency authorities intervened in the market by buying the yen and selling dollars, causing it to briefly hit the lower 157 level against the dollar.

This move came after the yen soared to nearly four-decade lows on Thursday, with a gain of almost 5 yen. The intervention was confirmed by Japanese government sources as a massive currency intervention.

The U.S. Treasury also joined in, with reports indicating that they purchased $5 billion to $10 billion worth of Japanese yen through the Federal Reserve Bank of New York, which sold euros to buy yen on behalf of the Treasury.