Trump ties US yen support to Japan after joint market intervention
What's new: Trump cast last week's US action as backing for an ally, as traders watch for more coordinated yen-buying on Aug. 3.
President Donald Trump linked last week's US participation in yen-buying to support for Japan, describing the move as a gesture toward a close ally and a step meant to help the global economy. His comments came after coordinated operations in Tokyo and New York helped drive a sharp rebound in the Japanese currency. Markets were already on alert for another round of joint intervention on Aug. 3, and the yen briefly firmed before holding a small loss against the dollar after Trump's remarks. The Straits Times, citing Bloomberg, reported that Japan's Finance Ministry and the US Treasury Department are now coordinating to support the yen to a degree not seen in decades.