Yen steadies near 157 after rare US-Japan currency intervention

The yen held most of its recent gains Tuesday after Japan confirmed it bought yen with the United States in a rare joint intervention to prop up the currency. The move followed a slide that briefly pushed the yen near 164 per dollar, its weakest level against the US currency since 1986. By early Asia trading, the yen was around 157.35 per dollar after touching 155.20 in the previous session. The coordinated action has fueled speculation that authorities could step in again, discouraging traders from rebuilding bets against the yen. CNBC reported Treasury Secretary Scott Bessent wants the Federal Reserve to expand a lending facility that could help Japan support the yen without disrupting the $29 trillion US Treasury market.