Japan Confirms Joint Yen Rescue With U.S.
Synopsis
Tokyo said it coordinated with Washington to support the yen and pledged further action against disorderly currency moves if needed.
Key Highlights
- Japan confirmed it carried out a coordinated yen-buying intervention with the United States.
- The action was aimed at reducing excessive volatility and disorderly movements in the yen.
- Japan said it is prepared to intervene again if needed.
Japan’s Finance Ministry has confirmed that it worked alongside the United States on a coordinated yen-buying intervention last Friday to stabilise the Japanese currency amid what it described as excessive volatility and disorderly market movements.
In a statement released on Monday, Finance Minister Satsuki Katayama said the intervention was conducted jointly with U.S. authorities.
Katayama said the ministry continues to closely monitor developments in the foreign exchange market and remains in regular contact with officials at the U.S. Treasury. She added that Japan stands ready to take further action without hesitation if excessive volatility in the yen persists.
Source: Reuters
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