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Japan and US conduct first FX intervention in 15 years
Japan and the United States carried out their first joint intervention in the foreign exchange market in 15 years to support the Japanese yen, which had been under pressure and fell to its lowest level in nearly 40 years. The intervention took place after the yen reached 163.99 against the dollar in July, with both parties participating during New York trading on Friday, buying large amounts of yen to halt its decline. They confirmed that this intervention was in response to excessive volatility and irregularity in the yen's movements, and stated they would continue working together to take similar measures if necessary.
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