US dollar weakens sharply against the Japanese yen after officials intervene in markets - AP News
The U.S. dollar dropped sharply against the Japanese yen following coordinated market intervention by U.S. and Japanese officials. The move aims to address the yen's prolonged weakness, which has contributed to rising living costs in Japan.
Why it matters
Currency intervention is a rare and significant economic policy tool that impacts global trade, tourism, and inflation rates.
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TOKYO (AP) — 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.
Before late last week, the dollar was trading above 163 yen, touching 40-year highs. After regulators were suspected of stepping in, it fell below 160 yen.
Early Monday, after the official announcement of the intervention, the dollar fell to nearly 155.20 yen. That’s a big drop for the exchange rate. The dollar was trading at 156.70 yen early Monday Eastern time.
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