A man walks past an electronic screen displaying the current Japanese yen exchange rate against the U.S. dollar and other foreign currencies after Japan and the United States conducted coordinated yen-buying intervention in Tokyo, Japan, Aug. 3. Reuters-Yonhap
TOKYO — Japan and the United States conducted coordinated yen-buying intervention and will not hesitate to take further action, Japan's finance ministry said on Monday, confirming a rare bilateral action to halt the yen's slide to fresh 40-year lows.
The move underscored both countries' resolve to prevent a selloff in the yen and Japanese government bonds (JGBs) from causing global spillovers, such as adding upward pressure on already rising U.S. Treasury yields, analysts said.
The joint intervention was the first since 2011's coordinated action to weaken the yen following the devastating earthquake in eastern Japan.
President Donald Trump said on Sunday the United States was helping Japan prop up the yen as a sign of friendship and to help the world economy.
