Bessent says U.S. backed Japan’s yen intervention to help stabilize Asia

Treasury Secretary Scott Bessent said the U.S. bought yen alongside Japan to curb currency volatility and reduce risks to Asian markets.

Coordinated intervention allowed Japan to support its currency without selling off its U.S. debt holdings.

Yen surges more than 1% to 155.20 per dollar, its strongest since early May

The two countries “will not hesitate to conduct further joint intervention," vowed Japan's Finance Minister Satsuki Katayama.

US and Japanese governments confirm they carried out a rare joint intervention late last week Why has Trump stepped in to prop up Japan’s currency? Business live – latest updates The yen has hit its highest level in three months after Japan and the US launched a combined operation to support the Japanese currency. T

CurrenciesJGB yields rise and stocks fall as Japan finance minister's words keep traders waryOn July 31, Japan purchased the yen "in coordination with the U.S. Department of the Treasury," Japanese Finance Minister Satsuki Katayama said in a statement on Aug. 3. (Nikkei montage/Source photos by Ken Suzuki, Shintaro Ino

The degree of coordination between the two countries now appears to be the tightest in decades, which has raised the stakes for traders betting against the yen.