U.S. and Japan Intervene in Currency Markets to Support Yen Using Euros
The United States has intervened in the currency markets to support the Japanese yen, marking the first such action in nearly three decades. This intervention, conducted in coordination with Japan, involved the unusual step of selling euros instead of dollars to purchase yen. The move comes as the yen hit a 40-year low, prompting concerns about Japan's export-reliant economy. The intervention lifted the yen to 157 to the dollar. Experts have raised questions about the effectiveness of using euros, suggesting that fundamental issues with the yen, such as Japan's monetary policy and fiscal challenges, need to be addressed. 
