Japan, US confirm joint yen-buying intervention, signal more action– www.channelnewsasia.com
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EXCERPT:
Japan has been struggling to curb a relentless drop in the yen that pushes up import prices and stokes broader inflation, hitting households’ wallets and Prime Minister Sanae Takaichi’s public approval ratings.
Tokyo’s solo intervention conducted between late April and early May caused only a brief yen rebound. The BOJ’s June rate hike to a 31-year high of 1 per cent also gave the struggling currency little lasting boost.
Friday’s joint intervention followed Tokyo’s solo intervention worth up to US$58.97 billion in New York markets a day earlier.
In a sign of further Japan-US coordination, Bessent said the United States would consider increasing in coming months the size of the Federal Reserve’s repurchase facility providing temporary dollar liquidity, calling the tool an “important backstop”.
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