Washington and Tokyo back the yen
Reports indicate that the United States and Japan are coordinating efforts to support the Japanese yen after its value experienced a significant decline, through direct interventions in the currency market for the first time since 2011. The U.S. Treasury Department has purchased yen in coordination with Japanese authorities in an attempt to stabilize the Japanese currency, as their previous efforts to halt its decline failed. The yen has fallen to around 157.6 yen per dollar after reaching nearly 164 yen in recent weeks. The buy-and-sell operations were carried out through Goldman Sachs and Morgan Stanley banks, with indications of potential plans to purchase between 5 and 10 billion dollars to support the local currency, as part of international efforts to counter pressures on the Japanese yen.
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