Two Japanese government officials told Reuters on Aug. 2 that Finance Minister Katsunobu Kato is set to announce on Monday that Tokyo and Washington have taken joint action in the currency market to stop the yen’s decline. One source said Kato is also expected to stress the two countries’ resolve to counter excessive weakness in the Japanese currency. When asked whether he would explicitly describe the move as a “joint action,” one source answered yes and added that “the action is still ongoing.”
The report followed earlier remarks from market sources, who said Japanese and U.S. authorities had conducted multiple rounds of yen-buying operations. Reuters said that, if confirmed, the moves would mark the first such coordinated intervention since 2011. The buying was aimed at supporting the yen after it fell to its weakest level against the U.S. dollar since 1986.
Two Japanese government officials told Reuters on Aug. 2 that Finance Minister Katsunobu Kato will announce on Monday that Tokyo and Washington have taken joint action in the currency market to stop the yen’s depreciation.
According to the sources, Kato is likely to stress the two countries’ determination to push back against excessive weakness in the yen.
Reuters said that when one source was asked whether Kato would describe the move as a “joint action,” the answer was yes. The same source added that “the action is still ongoing.”
Earlier, market sources said Japanese and U.S. authorities had carried out multiple rounds of yen-buying operations in the market. Reuters described that as the first such coordinated intervention since 2011, aimed at lifting the yen after it fell to its lowest level against the dollar since 1986.
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