Japan buys yen with US backing, lifting currency to 157 per dollar
What's new: A Reuters photo showed a US Treasury to-do note to buy $5 billion to $10 billion of yen, signaling rare joint action.
Japan intervened again to support the yen, with the currency briefly strengthening to 157.24 per US dollar in New York after slipping near four-decade lows earlier this week. Government and market sources confirmed Tokyo bought yen and sold dollars, while reports indicated the US Treasury also entered the market. A Reuters photograph from a Cabinet meeting showed Treasury Secretary Scott Bessent’s note reading “Buy Japanese Yen (JPY) $5-10 bil.” The Financial Times reported the Federal Reserve Bank of New York sold euros to buy yen for the Treasury, in what would be the first outright joint US-Japan yen-support operation in nearly 30 years.