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US, Japan Intervene Jointly to Boost Yen From 40-Year Low
Officials said the move countered excessive volatility and disorderly yen declines, and the yen strengthened more than 1% after the confirmation.
- On Monday, Japanese Finance Minister Satsuki Katayama will announce that Tokyo and Washington took joint action in the currency market to arrest the yen's slide to 40-year lows.
- Treasury Secretary Scott Bessent's notepad on Friday displayed "Buy Japanese Yen $5-10 bil," confirming U.S. involvement in the first joint intervention since 2011.
- The Ministry of Finance posted it has "a broad range of tools to address market liquidity needs," including Fed repurchase facility access that allows Japan to raise dollar liquidity without selling U.S. Treasuries.
- Economy Minister Minoru Kiuchi said Sunday the government must "maintain market trust in Japan's fiscal sustainability," highlighting officials' coordination to manage shared inflation risks.
- The Bank of Japan signaled a likely rate hike soon after the intervention, though critics warn Japan faces constraints if selling Treasuries to fund continued action triggers a Treasury selloff.
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Japan spent nearly $37 billion buying yen during Friday's joint intervention. The United States is believed to have spent about $5-10 billion.
·Helsinki, Finland
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In a highly unusual move, incomprehensible to many, the US and Japan have jointly invested tens of billions of dollars in an operation to boost the struggling Japanese yen. The support masks the fact that the Japanese economy has a fundamental problem.
·Amsterdam, Netherlands (Kingdom of the)
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The government of Sanae Takaichi said the measure was taken in the face of the excessive and disorderly volatility of the Japanese currency
·Los Angeles, United States
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Coverage Details
Total News Sources298
Leaning Left52Leaning Right51Center91Last UpdatedBias Distribution47% Center
Bias Distribution
- 47% of the sources are Center
47% Center
L 27%
C 47%
R 26%
Factuality
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