The US and Japan jointly intervened to strengthen the yen for the first time since 1998, raising hopes for a stronger currency and possible BOJ rate hikes.

The reported action would be the US Treasury’s first direct support for the yen since 2011. Read more at straitstimes.com. Read more at straitstimes.com.

Coordination between Japan and the United States now appears to be the tightest in decades, fuelling one of the most notable rebounds since the yen began its years-long slide.