Washington steps in to aid yen after fall
The U.S. Treasury Department intervened rarely to support the Japanese yen, which had fallen close to its lowest levels in nearly four decades, by purchasing yen worth between $5 billion and $10 billion through the Federal Reserve, with participation from Goldman Sachs and Morgan Stanley. This move came after the dollar declined against the yen to around 157.6 yen before the close of the American markets, amidst pressures caused by the rising dollar, which reached nearly 164 yen in recent weeks—its highest level since 1986. Data indicates that Japan sold approximately $59 billion in currency to support the yen, promising to use various financial tools to maintain market stability and indicating readiness to take additional measures if necessary. This intervention is the first of its kind since 2011 and aims to halt the depreciation of the yen driven by global pressures on the Japanese currency.
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