24 Hrs
Source:
المشهد العربي
Tokyo and Washington coordinate to support yen
Currency markets witnessed intensive and coordinated buying efforts between Japan and the United States to halt the Yen's decline, which had fallen to its lowest level in 40 years. The Japanese Ministry of Finance acknowledged direct intervention, in coordination with the U.S. side, aimed at protecting the bond market and avoiding additional pressures on U.S. Treasury yields. This marks the first such cooperation since the Yen devaluation plan in 2011. On another note, the Yen appreciated against the dollar following the intervention in the foreign exchange market, amid declines in oil and the dollar. Additionally, profits of banks listed on the Dubai market exceeded their second-quarter expectations.
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