The United States and Japan coordinated last week to stabilize the yen, with U.S. and Japanese officials confirming the move on Sunday. The U.S. Treasury Department acted to help the currency, joining Japan in engineering one of the most notable rebounds in the yen since it began a years-long slide.
The effort, which also involved Treasury Secretary Bessent and the Federal Reserve, reversed months of yen losses. The currency's prolonged decline had stoked inflation in Japan and rippled through global markets.
The rebound marked a sharp turnaround for the yen, which had been weakening persistently. Details of the intervention were not disclosed.
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