Washington and Tokyo back yen for first time in 28 years

Washington and Tokyo have reported their first intervention in the foreign exchange market in 28 years to support the yen, which has fallen to its lowest levels since 1986. The dollar reached 164 yen amid the depreciation of the Japanese currency and widening gaps with the US dollar, along with concerns over Prime Minister Sanae Takaichi's financial policies. This joint intervention is the first of its kind since 1998 and aims to contain yen fluctuations, with both governments reaffirming their readiness to intervene again if necessary. The yen itself rose by 0.6% after reaching a level of 155.23 yen per dollar, the highest since May, amid ongoing tensions in global financial markets.

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