The United States and Japan have carried out a rare joint currency intervention to prop up the yen, which had fallen to a 40-year low against the dollar. The action, the first of its kind in 15 years, sent the yen surging to as high as 155.23 per US dollar, its strongest level since early May.
President Donald Trump said the US joined the intervention as a sign of friendship with Japan and that he expects Washington to reap a financial benefit from helping the ally.
The yen's prolonged weakness has driven up import prices and household living costs in Japan, making it a growing concern for Tokyo. It has also become a worry for Washington, with bond yields and trade policy seen as potential factors in the decision to intervene.
The joint effort underscores the determination of both governments to defend the Asian currency, according to analysts.
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