US, Japan buy yen jointly as currency rebounds from 40-year low
What's new: Tokyo said the two countries may intervene again after Friday's action, the first joint yen move since 2011.
The United States and Japan carried out coordinated yen-buying intervention last week to halt the Japanese currency’s slide to a 40-year low, Japanese officials said Monday, confirming a rare bilateral move in foreign-exchange markets. The yen jumped as high as 155.20 per dollar after the confirmation, after trading near 164 last month. Japan’s finance ministry said the action was meant to counter excessive volatility and disorderly moves. Central bank data indicated Japan may have spent as much as $36.58 billion, while US authorities reportedly sold euros to buy yen. Officials in Tokyo and Washington also signaled they were prepared to step in again if the yen comes under renewed pressure.