Japan, US confirm joint yen buying as Seoul also backs won
What's new: Japan may have spent up to $36.58 billion, and officials warned they could intervene again if volatility persists.
Japan and the United States confirmed they jointly bought yen in a rare currency-market intervention after the Japanese currency slid to fresh 40-year lows, while South Korean authorities also moved to support the won. Japan's Finance Ministry said the action on Friday was meant to counter excessive volatility and disorderly moves in the yen, and Finance Minister Satsuki Katayama warned more coordinated intervention could follow. Central bank data suggested Japan may have spent as much as $36.58 billion. The yen jumped as far as 155.20 per dollar after Monday's confirmation, though it later traded around 157. The move came after the Bank of Japan kept interest rates steady at 1%, leaving investors focused on whether monetary policy will tighten further.