Japan-US, joint intervention in buying yen - Aimed at curbing depreciation to 40-year lows
Japan and the United States carried out a coordinated intervention in buying the yen and will not hesitate to take further action, the Japanese Finance Ministry said, confirming a rare bilateral move to stop the yen from falling to 40-year lows.
The move underscored the determination of both countries to prevent a sell-off of the yen and Japanese government bonds (JGBs) from causing global repercussions, such as adding pressure on already rising U.S. Treasury yields, analysts said.
The joint intervention was the first since a 2011 coordinated move to weaken the yen after the devastating earthquake in eastern Japan. President Donald Trump said Sunday that the United States was helping Japan support the yen as a sign of friendship and to help the global economy.
In addition to helping Japan as a strategic ally in Asia, the intervention would help the United States address concerns about the extraordinary weakness of the yen offsetting the rise from Trump's tariffs, analysts say.
In the statement, Japan's finance ministry said Friday's intervention with the U.S. Treasury Department to buy yen "combated excessive volatility and erratic movements of the Japanese yen in recent months."
The yen rose more than 1% to 155.20 per dollar after the announcement, its strongest since early May and far from the 40-year low near 164 it hit last month, as traders remained on the lookout for more intervention.
US Treasury Secretary Scott Bessent added that Washington "will not hesitate to participate in further joint interventions".
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