US, Japan confirm first joint yen-buying move since 2011

The United States and Japan confirmed they jointly bought yen last week to stop the currency's slide to a fresh 40-year low, marking their first coordinated foreign-exchange intervention since 2011. Japan's Finance Ministry said the action was aimed at countering excessive volatility and disorderly moves in the yen. The currency jumped more than 1% on Monday to around 155.20 per dollar after the confirmation, well above the near-164 level hit in July. Finance Minister Satsuki Katayama and US Treasury Secretary Scott Bessent both signaled they were prepared to act again, a move meant to steady the yen and Japanese government bonds and limit spillovers into global markets, including US Treasury yields.