Japan, U.S. Announce Joint Yen-Buying Intervention with U.S.

Tokyo, Aug. 3 (Jiji Press)--Japanese and U.S. finance chiefs have said the two countries conducted a concerted yen-buying currency market intervention Friday, U.S. Eastern time.

Japanese Minister of Finance Satsuki Katayama said in a statement Monday that the intervention, carried out "in coordination with" the U.S. Treasury Department, was based on a joint statement issued last September by the two nations' finance chiefs. The action "countered excessive volatility and disorderly movements in the Japanese yen in recent months," she said.

The MOF "remains attentive and in close communication with our counterparts at the U.S. Treasury," the minister said. "We will not hesitate to conduct further joint intervention."

In a message posted on X, formerly Twitter, on Monday morning, Japan time, U.S. Treasury Secretary Scott Bessent acknowledged the coordinated action and said, "We strongly support Japan's decisive market and monetary steps to correct the substantial undervaluation of the yen."

"We will not hesitate to participate in further joint intervention," he said, indicating that U.S. authorities will work closely with the Japanese government and the Bank of Japan to tackle the yen's depreciation against the dollar.

[Copyright The Jiji Press, Ltd.]