Japan and US coordinate yen support
Japan has entered the currency markets broadly through yen purchases and currency market interventions coordinated with the United States, aimed at supporting the currency's resistance to depreciation. The Bank of Japan has maintained its monetary policy unchanged, keeping interest rates at 1%, in response to renewed confidence in economic growth following the recent interest rate hike—the first since 1995. Markets expect Japan to take decisive measures if the yen continues to decline, in order to protect the currency and support the national economy.
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