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US Treasury warns on yen turmoil
US Treasury Secretary Steven Mnuchin warned that disruption in the Japanese yen exchange rate could threaten the stability of global markets and increase borrowing costs for American families and businesses. This statement came in response to the joint US-Japan intervention in the currency market last month, when Washington and Tokyo conducted a rare intervention to buy yen in order to curb its decline. The yen dropped to its lowest level in nearly 40 years, around 164 yen per dollar, before a temporary recovery, but it has since fallen again, approaching the 160 yen mark. The US Treasury uses the Foreign Exchange Stabilization Fund to help stabilize currency markets, a tool it has previously employed to support the currencies of other countries, such as Argentina, as part of its efforts to mitigate the impact of global financial volatility.
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