US, Japan Coordinate Currency Intervention to Stabilize Yen

A Japanese yen note is seen in this illustration photo on June 1, 2017. Thomas White/ReutersJapan and the United States announced on Aug. 2 that they coordinated purchases of the yen on July 31 to curb the currency’s volatility on the currency market.In a statement, Japan’s Finance Ministry said it coordinated with the U.S. Treasury Department to address “excessive volatility and disorderly movements of the yen” in recent months.The ministry said it remains ​in close communication with its U.S. counterparts and “will not hesitate to conduct further joint intervention.”President Donald Trump told reporters aboard Air Force One on Aug. 2 that the coordination reflected the close relations between the two countries, calling it “a signal of friendship.”“They have a weakening yen, and they wanted a little bit of help. And we’re always there for Japan. Japan’s been very good to us,” the president said.Trump said the currency intervention would have financial benefits and is “good for the world economy.”Treasury Secretary Scott Bessent echoed Japan’s position, saying the United States is prepared to participate in further joint intervention with Japan.“We strongly support Japan’s decisive market and monetary steps to correct the substantial undervaluation of the yen,” he said in a post on X.This story is developing and will be updated with additional details.