Japan and US back yen for first time in 15 years
The Japanese Finance Minister confirmed that Japan and the United States carried out their first joint intervention in 15 years to support the yen, following a decline to its lowest level against the dollar since 1986. This move aims to address sharp volatility in the currency markets, as the two countries bought yen and sold foreign currencies to boost its value, after the dollar approached 164 yen, nearing the yen's lowest level in four decades. This step is expected to help stabilize the currency's exchange rate and reduce fluctuations, although the continued weakness of the yen remains linked to economic factors such as interest rates, inflation, and fiscal deficits, which impact its long-term stability.
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