US, Japan confirm coordinated intervention to prop up yen
Japan's finance ministry said Monday it carried out a coordinated yen-buying intervention with the U.S. Treasury on Friday, a rare joint move not seen in decades. Officials from both countries signaled they are ready to intervene again if the currency comes under renewed pressure.
Japan's finance ministry confirmed Monday that it carried out a coordinated yen-buying intervention with the U.S. Treasury on Friday. Finance Minister Katayama defended the move, saying the currency's slide had been straining import costs and household budgets.
The U.S. Treasury secretary said Washington stood ready to act alongside Tokyo again if needed. Following the joint intervention, the yen recovered against the dollar to around 155, though analysts remained cautious about whether the rebound would hold.
Japan's long stretch of low interest rates is widely cited as the main driver of the yen's weakness, and market strategists said a durable turnaround may require further moves from the Bank of Japan on rates.
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