Japan, US buy yen in first joint currency intervention since 2011
What's new: Tokyo said it may have spent up to $36.6 billion on Friday and warned it could intervene again.
Japan and the United States jointly bought yen last week to halt the Japanese currency’s slide to a 40-year low, marking their first coordinated intervention since 2011. Japan’s finance ministry confirmed the move Monday and said authorities would not hesitate to act again. Central bank data indicated Tokyo may have spent as much as $36.58 billion buying yen on Friday, while US Treasury support reportedly involved selling euros to purchase yen. The yen jumped to as strong as 155.20 per dollar before easing back near 157, after trading near 164 last month. Officials said the action aimed to counter disorderly market moves and limit spillovers into Japanese government bonds and US Treasury yields.