US and Japan act to support yen for first time in 28 years
Reports indicate that Japan and the United States jointly intervened in the foreign exchange market for the first time in 28 years to support the yen, which has fallen to its lowest levels since 1986, with the dollar priced at 164 yen. This intervention aims to contain the Japanese currency’s decline, which has led to a deterioration of the country’s financial condition and rampant speculation. Concerns remain about ongoing volatility and the need to stabilize the yen's exchange rate. Financial tools such as central bank repurchase agreements were used in the effort, with expectations that further interventions could occur in the future if necessary. However, the US government's ability to continue such measures is currently limited.
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