Japan, US confirm joint yen support; Korea also moved in FX market

Japan and the United States confirmed they bought yen together to halt the currency’s slide after it fell near 40-year lows, marking the first such bilateral intervention in nearly 30 years. Japan’s Finance Ministry said the action on Friday targeted excessive volatility and disorderly moves in the yen. Central bank data suggested Tokyo may have spent up to $36.58 billion. The yen later strengthened as far as 155.20 per dollar before easing back near 157. Separate reports also pointed to South Korean authorities selling dollars to support the won, in a rare parallel move as both currencies had come under pressure.