The first U.S.-Japan joint intervention in three decades aimed at boosting the yen has come and gone without doing much to ease anxiety in currency markets.
Treasury Secretary Scott Bessent’s notepad suggested the U.S. bought $5 billion-$10 billion worth of yen, while Japan’s move topped $50 billion. The exchange rate initially strengthened to about 157 yen per dollar from nearly 164, but has since given back some gains and hovered around 159 on Friday.
