Treasury Secretary Scott Bessent said the US and Japan jointly intervened in foreign exchange markets Friday to curb disorderly swings in the yen, adding the Treasury Department “will not hesitate to participate in further joint intervention.”
“We strongly support Japan’s decisive market and monetary steps to correct the substantial undervaluation of the yen,” he said Sunday on X.
Japan’s Finance Ministry said the intervention was aimed at countering “excessive volatility and disorderly movements” in the yen, adding that Tokyo remains in close contact with Washington and “will not hesitate to conduct further joint intervention.”
Trump praised Japan’s ties with the US, saying: “Japan has always been very good to us, with the exception, of course, of Pearl Harbour.”
The intervention marks the first joint currency market action by the US and Japan since 2011, when G7 nations and the Bank of Japan coordinated efforts to curb a sharp rise in the yen following the devastating earthquake and tsunami.
