US joins Japan in yen support, pushing dollar below 158
What's new: A Reuters photo showed Treasury Secretary Scott Bessent's note to buy $5 billion to $10 billion of yen, pointing to rare US backing.
The United States joined Japan's effort to lift the yen, adding rare support from Washington as Tokyo tried to halt the currency's slide to decades-low levels. Reuters published a photograph from a Cabinet meeting showing Treasury Secretary Scott Bessent's handwritten note: “Buy Japanese Yen (JPY) $5-10 bil.” Earlier reports said Japanese authorities bought yen and sold dollars in New York trading on July 30 and again on July 31. The yen strengthened sharply, with the dollar falling from about 158.9 to 157.6 late Friday and ending New York trade near 157.4. The US Treasury has not intervened to support the yen since coordinated G7 action after Japan's 2011 earthquake and tsunami.