U.S., Japan confirm coordinated yen intervention, signal readiness for more
Japan's finance ministry said Monday it had conducted a coordinated yen-buying operation with the U.S. The ministry said the intervention was carried out...
Key points
- Japan's finance ministry said Monday it had conducted a coordinated yen-buying operation with the U.S.
- The ministry said the intervention was carried out "in accordance with the 'Joint Statement of the Japanese and U.S.
- Treasury Secretary Scott Bessent also confirmed the coordinated action in a statement, saying, "Friday's coordinated foreign exchange actions countered disorderly yen movements." "Treasury remains attentive and in close communication with our counterparts at MOF and BOJ.
- We will not hesitate to participate in further joint intervention," Bessent said.
What happened
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Japan's finance ministry said Monday it had conducted a coordinated yen-buying operation with the U.S. The ministry said the intervention was carried out "in accordance with the 'Joint Statement of the Japanese and U.S. Treasury Secretary Scott Bessent also confirmed the coordinated action in a statement, saying, "Friday's coordinated foreign exchange actions countered disorderly yen movements." "Treasury remains attentive and in close communication with our counterparts at MOF and BOJ. We will not hesitate to participate in further joint intervention," Bessent said. Robin Brooks, a senior fellow at the Peterson Institute for International Economics, said the coordinated intervention could ultimately weaken rather than strengthen confidence in the yen in his a Substack post. sold euros rather than dollars to buy yen surprised markets because coordinated intervention has traditionally been funded with dollar assets "This kind of twist in my opinion undercuts the efficacy of U.S.