U.S. Treasury Secretary Scott Bessent and Japan's finance minister said the two countries have coordinated purchases of the yen to address exchange-rate fluctuations and maintain global financial stability. President Donald Trump publicly supported the intervention. The move represents the first joint U.S.-Japan currency action since 1998. The emerging-market carry index fell by only about 1%, a much smaller decline than the one recorded in August 2024. Analysts noted that carry traders have already shifted their financing away from the yen and into the euro and the Swiss franc, reducing the transmission of yen volatility to risk assets. The information was reported by CryptoBriefing.
U.S. Treasury Secretary Scott Bessent and Japan's finance minister said the two countries have coordinated purchases of the yen to counter exchange-rate volatility and safeguard global financial stability. President Donald Trump publicly supported the intervention.
The action marks the first joint U.S.-Japan intervention since 1998. The emerging-market carry index fell only about 1%, far less than the drop in August 2024. Analysts said carry traders have already shifted funding to the euro and Swiss franc, which reduces the spillover of yen volatility into risk assets.
(CryptoBriefing)
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