Japanese Yen jumps as US-Japan confirm joint intervention, hint further action
The USD/JPY pair tumbles to near 156.45 during the early European trading hours on Monday. The Japanese Yen (JPY) climbs amid speculation that Japanese authorities may have intervened to prop up the currency again after coordinated action between the US and Japan last week.
The Japanese Yen experienced a significant rise on Monday as both the US and Japan announced a joint intervention to support the currency. Finance Minister Satsuki Katayama confirmed that the two nations coordinated a Yen-buying intervention and are prepared to take further action if necessary. US Treasury Secretary Scott Bessent echoed these sentiments, stating that Washington would not hesitate to intervene in the market.
US President Donald Trump had previously mentioned that the US was assisting Japan in strengthening the Yen, citing it as a gesture of friendship and to benefit the global economy. Experts believe that further intervention by authorities could be likely if the Yen continues to decline, as observed in May of this year. Meanwhile, geopolitical tensions in the Middle East remain high, potentially impacting the value of the US Dollar against the Yen.
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- Japanese Yen: Intervention fears cap losses against US Dollar – Rabobank fxstreet.com
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- Yen climbs to 155 per dollar as traders on alert for further intervention asia.nikkei.com
