Yen Support Coordination

U.S. and Japan move to stabilize the yen, with the Fed possibly drawn in.

•Center & Right

CNBC Daily Open: Fast and furious intervention to prop up the yen — will it work?

Analysis: Federal Reserve may be pulled into Bessent’s effort to support Japan’s yen

US and Japan vow further yen action

Summary

A neutral summary of the key facts most outlets agree on, drawn from reporting across the political spectrum.

The United States and Japan jointly bought yen after the currency fell to a 40-year low against the dollar, the allies’ first joint yen-buying operation since 1998. The dollar traded at 156.80 yen after reaching 164 yen in July, while the yen strengthened almost 5% against the greenback over the past week. Treasury Secretary Scott Bessent confirmed U.S. support after notes photographed at a Camp David meeting referenced buying $5 billion to $10 billion in yen. U.S. and Japanese officials said they were prepared to intervene again if needed.

The Coverage

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Mostly commentary

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Coverage Angles

Joint yen interventionBalanced

Washington and Tokyo carried out a rare coordinated yen-buying intervention to steady Japan’s currency after a sharp slide and excessive volatility. The move responded to a mix of rate, inflation, fiscal and geopolitical pressures that had driven the yen to historic weakness.