U.S. dollar weakens sharply against the Japanese yen after market interventions
The U.S. dollar weakened sharply Monday against the Japanese yen after U.S. President Donald Trump and Japan's finance minister confirmed both sides had intervened in markets.
The US dollar has weakened sharply against the Japanese yen following market interventions by both countries. Prior to the interventions, the dollar was trading above 163 yen, reaching 40-year highs. After regulators stepped in, the dollar fell below 160 yen and dropped about 1% to 156.34 yen early Monday.
The yen's prolonged weakness against the dollar has been a source of frustration for Tokyo, as a weak currency pushes prices higher and increases inflation. Japan imports much of what it consumes, making the exchange rate a significant concern.
US President Donald Trump confirmed that both the US and Japan had intervened in markets, stating that the US helped Japan due to their strong relationship. Trump also mentioned that the intervention was a "signal of friendship" and beneficial for the world economy.
Brief written by urgent.news from NPR, Techmeme, Hindu BusinessLine, Associated Press — 4 reports on this story. Machine-written — it may contain errors, so check the original before relying on it.
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- US dollar weakens sharply against the Japanese yen after market interventions apnews.com
- US dollar drops sharply against Japanese yen after market interventions thehindubusinessline.com
