PREVIEW

Japan and U.S. Confirm Joint Yen Market Intervention. Japan and the United States confirmed coordinated intervention to support the yen after its sharp slide against the dollar. Officials said they remain prepared to take further joint action if excessive currency volatility continues disrupting financial markets. The rare intervention marks the first coordinated effort between both countries since the aftermath of Japan's 2011 earthquake. Japan's finance minister said authorities acted to counter disorderly currency movements and restore stability in foreign exchange markets. The yen strengthened more than one percent following the announcement, recovering from recent four-decade lows against the dollar. U.S. Treasury Secretary Scott Bessent backed the intervention and again encouraged further Bank of Japan interest rate increases. Markets now expect the Bank of Japan could raise interest rates as early as its September policy meeting. Analysts cautioned deeper economic pressures remain, meaning intervention alone may not reverse the yen's longer-term weakness.
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