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U.S., Japan Step In to Fight Yen Collapse for First Time Since 1998
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U.S. and Japan Confirm Yen InterventionPresident Donald Trump confirmed that the U.S. Treasury helped last week.
Trump said the move was made “to support the Japanese currency” because the United States has a strong relationship with Japan.
Yen Weakness Raises Pressure on JapanThe yen has weakened sharply this year as investors weighed Japan’s fiscal spending, energy import costs, and wide interest-rate gaps with the United States.
Many analysts expect another hike before year-end if inflation and yen weakness persist.
Higher Japanese rates could reduce pressure on the yen by narrowing the gap with U.S. rates.