US and Japan Conduct Joint Currency Intervention to Support Yen

The United States and Japan have undertaken a rare coordinated intervention in foreign exchange markets to support the Japanese yen, which had fallen to a 40-year low against the US dollar. The US Treasury reportedly bought yen by selling euros, a strategy aimed at strengthening the yen without signaling a weaker US dollar, which could complicate the Federal Reserve's fight against inflation. This marks the first joint currency operation between the two nations since 2011.