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US Treasury Intervenes to Boost Yen | Perth News
Description
The U.S. Treasury made a rare move, buying Japanese yen to halt its plunge — the first such intervention in over 20 years — as the yen hit 40-year lows. Acting through the New York Fed, Washington swapped euros for yen, with banks warned ahead of time. A leaked notepad even hinted at a $5-10 billion purchase. The surprise move unexpectedly lifted the yen, reversing dollar strength last seen in 1986. Japan’s own central bank has also stepped in, spending billions to defend its currency — signaling a coordinated global effort to stabilize the yen.
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