“To Do. Buy Japanese Yen (JPY) $5-10 bil,” read a note written by US Treasury Secretary Scott Bessent during a cabinet meeting on Friday. By Monday, he had confirmed on X that the US had participated in “coordinated foreign exchange actions” with the Japanese government to counter “disorderly yen movements”.In recent weeks, the yen sank to a 40-year low against the dollar, the latest milestone in Japan’s economic decline. However, having traded at ¥163 to the dollar on Thursday, the yen has strengthened to ¥155 to the dollar since the intervention.
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