U.S. Treasury intervenes to support yen after Japan steps in, FT reports
It was Washington's first yen-buying intervention with Tokyo in more than a decade as it languishes near 40-year lows.
AI Summary
The U.S. Treasury bought yen on Friday to support the Japanese currency, marking the first such intervention with Tokyo in over a decade. The Federal Reserve Bank of New York sold euros for yen through Goldman Sachs and Morgan Stanley, and Treasury Secretary Scott Bessent's notepad indicated a potential purchase of $5-10 billion yen. Japan and the U.S. may announce a policy next week to address the yen's weakness and stabilize markets.