US and Japan intervene jointly to prop up yen after 40-year low
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3 days · 2 summary articles
US and Japan intervene jointly to prop up yen after 40-year low
Yen surges past 158 per dollar as Japan suspected of currency intervention: China factory activity shrinks in July
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The United States and Japan confirmed on Monday a rare joint intervention in currency markets to prop up the yen, which had slumped to 40-year lows against the dollar.
Japanese Finance Minister Satsuki Katayama said Tokyo acted in coordination with Washington to counter “excessive volatility and disorderly movements” in the yen. She added that Japan would “not hesitate to conduct further joint intervention” if needed. The Japanese Ministry of Finance stated it remained in close communication with the U.S. Treasury and had already purchased yen worth an estimated $59 billion in a late-week operation .
U.S. President Donald Trump described the move as a “signal of friendship” and said it would benefit the global economy. “They have a weakening yen, and they wanted a little bit of help. And we’re always there for Japan,” Trump told reporters aboard Air Force One on Sunday .
The yen surged following the announcement, rising as much as 3.8 percent over two sessions to 155.20 per dollar by early Monday, its highest level in nearly three months. The currency also gained against the euro and sterling, with the euro climbing to a 1.5-month high of $1.1559 and sterling nearing a two-week peak at $1.3476 .
The intervention marked the first bilateral yen-buying operation between the two countries since the late 1990s. The last coordinated G7 action occurred in 2011, when members intervened to weaken the yen after the earthquake and tsunami in eastern Japan .
The yen’s rapid appreciation weighed on Japanese equities, with the Nikkei share average tumbling after the currency’s rise. Analysts noted the intervention aimed to curb global spillovers from the yen’s sell-off and rising U.S. Treasury yields .
U.S. Treasury Secretary Scott Bessent said on X that both sides would not hesitate to participate in further joint interventions to counter “uncontrolled fluctuations of the yen” .
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⚡ NEWSJapan and US confirm rare joint intervention to prop up yenThe United States and Japan have confirmed a rare joint currency intervention to support the Japanese yen. US President Donald Trump stated that assisting in bolstering the currency is a demonstration of friendship between the two nations.📰 #Markets #Geopolitics #GeoWire
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bluesky_Reuters · about 4 hours ago
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