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US acquires yen as it reaches 40-year low
The United States and Japan jointly intervened in the currency market to support the Japanese yen, which had reached a 40-year low against the dollar. The US purchased $5-10 billion worth of yen in a move intended to counteract excessive yen depreciation driven by Japan's persistently low interest rates and rising energy costs. This intervention aimed to stabilize the yen, support global economic stability, and protect American exports, though analysts suggest its long-term effectiveness may be limited.
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