Japan and US confirm rare joint intervention to prop up yen
Summary
Japan and the United States have worked together to buy Japanese yen to stop its value from falling to a 40-year low. Both countries said they are ready to take more joint actions if needed to keep the yen stable and support the global economy.Key Facts
- Japan and the U.S. confirmed a rare joint intervention to buy yen and support its value.
- The yen had dropped to levels not seen in 40 years, causing higher prices for imports in Japan.
- President Donald Trump said the U.S. supports Japan as a sign of friendship and economic stability.
- This is the first joint yen intervention since 2011, after the earthquake in Japan.
- Japan’s Finance Ministry and the U.S. Treasury Department said they will keep watching the situation and may act again.
- Japan may have spent nearly $59 billion buying yen in markets before the official joint action.
- U.S. Treasury Secretary Scott Bessent supports Japan's efforts and encourages Japan to raise interest rates.
- The Bank of Japan signaled it might raise interest rates soon but has kept its current policies steady for now.
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