US Euro Sale to Prop Up Yen Blindsided ECB

The United States' decision to sell euros to buy yen in a recent currency intervention surprised the European Central Bank, which was only informed after the trade was executed. This unusual lack of coordination in the first joint US-Japan effort to boost the yen in nearly 30 years has been viewed by some senior ECB officials as an unprecedented breach of long-standing conventions on cooperation between Western monetary authorities.