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U.S. favors yen over euro to support Japan
The joint intervention by Japan and the United States to buy yen led to the Japanese currency maintaining most of its gains, despite a decline of 0.2% to 157.55 against the dollar, after reaching a three-month high of 155.20. The intervention was rare and aimed at supporting the yen amid pressures pushing it downward, with expectations that no further interventions will be carried out in the near future. Although the yen has declined, it remains above its 40-year low of 163.99. The market continues to monitor the Japanese government's moves amidst speculation of additional intervention, a decline in the dollar following the intervention, while the euro and British pound rose against the yen.
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