Japan, US buy yen together for first time since 2011
What's new: Tokyo said it may have spent up to $36.58 billion and warned more coordinated intervention could follow.
Japan and the United States confirmed they jointly bought yen on Friday to stop the Japanese currency from sliding to a 40-year low, marking the first bilateral intervention of its kind since 2011. Japan’s Finance Ministry said the move was aimed at countering excessive volatility and disorderly trading in recent months. Central bank data showed Tokyo may have spent as much as $36.58 billion, while the US Treasury sold euros to buy yen, according to people familiar with the operation. The yen jumped to as strong as 155.20 per dollar on Monday before easing back near 157, extending a three-session rebound after hovering near 164 last month.