US, Japan intervene to boost yen for first time since 1998
The US and Japan jointly intervened to strengthen the yen for the first time since 1998.
US Treasury Secretary Scott Bessent publicly backed a stronger yen, giving Japanese officials confidence.
Japan sought a stronger yen to lower import costs and support Prime Minister Sanae Takaichi's government.
The US supported the intervention to counter trade disadvantages from President Donald Trump's tariffs and to prevent heavy Japanese government bond selling from raising US Treasury yields.
Japanese Finance Minister Satsuki Katayama and Bessent held several talks, including a 3.5-hour meeting in May, to coordinate exchange rate policies.
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Hindustan Times
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