Japan to announce Tokyo, Washington took joint action on yen: Reuters
The first coordinated yen-buying effort since 1998 aims to curb speculative pressure, with Tokyo estimating intervention as high as $53.7 billion.
- 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.
107 Articles
107 Articles
The US and Japan are fighting the Yen crash with joint intervention in the foreign exchange market. Previously, the Japanese currency had fallen to the lowest level in 40 years.
The United States has launched an action to prop up the yen, an unusually coordinated intervention with the Japanese government to halt the currency's slide, which is approaching 40-year lows.
The yen's exchange rate against the dollar had fallen to its lowest point in four decades.
Washington and Tokyo intervened on the foreign exchange market for the first time in 28 years in order to support the Japanese currency, which fell to its lowest level since 1986
It was the first since 2011, and is due to concerns about the global consequences of the strong weakening of the Japanese currency
The US is helping Japan with a joint intervention in the foreign exchange market. Previously, the yen had fallen to the weakest level against the dollar for about 40 years.
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