US-Japan yen intervention raises hopes for stronger won

A rare instance of US-Japan intervention to support the battered yen is giving the Korean won renewed tailwind, raising hopes that the currency could strengthen beyond 1,400 won per dollar. Policymakers confirmed Monday that the US Treasury bought yen in coordination with Japan’s Finance Ministry, marking the first joint intervention to support the Japanese currency since 1998. The move quickly spilled over into the won, which investors often trade as a proxy for the yen because the two currenci