Japan Confirms Joint Yen Market Intervention With the United States

Japan has confirmed that it conducted a coordinated yen-buying intervention with the United States and said authorities remain prepared to take further action if necessary, Makiko Yamazaki and Leika Kihara reported for The Japan Times.

Japan's Finance Ministry confirmed coordinated yen-buying intervention with the U.S. Treasury.

Before the announcement, U.S. President Donald Trump said the United States was helping Japan support the yen as a gesture of friendship and to promote global economic stability.

Following Trump's remarks, the dollar fell 0.2 percent to ¥157.07, retreating further from the nearly ¥164 level reached late last month.

Japan's Ministry of Finance said it carried out the coordinated intervention with the U.S. Treasury Department on Friday to counter excessive volatility and disorderly movements in the foreign exchange market.

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