Foreign exchange: Trump confirms joint intervention with Japan to support the yen
The US will always be there for Japan, US President Donald Trump said about the new measures. The yen had plummeted in the past few weeks.
On board Air Force One/Tokyo. The US and Japan want to counter the collapse of the yen with a joint intervention in the foreign exchange market. US President Donald Trump already confirmed US aid for the Japanese currency on Sunday (local time) and described this as a sign of friendship. "The yen is weakening and they wanted a little help.
And we're always there for Japan," Trump said in response to a reporter's question on board Air Force One. He also stated that the action is good for the world economy and that the US will benefit financially from the agreement.
After Trump's comments, the dollar fell by 0.2 percent to 157.07 yen. Previously, the US currency had risen to almost 164 yen, the highest level since 1986. Japanese Finance Minister Satsuki Katayama was expected to officially announce, according to insiders, on Monday morning that Tokyo and Washington had already taken joint action last week. This is intended to stop the collapse of the currency to a 40-year low, two Japanese government representatives familiar with the matter told the Reuters news agency.
Translated by urgent.news. Machine-written — may contain errors; check the original before relying on it.
