Tokyo: The US dollar weakened sharply against the Japanese yen on Monday after the United States and Japan confirmed intervention in the currency market.
Following the official announcement, the dollar fell around 1 percent to 156.34 yen in early Monday trading, marking a significant move in the exchange rate.
The decline follows a period of exceptional strength for the US currency. Before late last week, the dollar had been trading at more than 163 yen, reaching levels not seen in around four decades.
US President Donald Trump and Japan’s finance minister confirmed that both sides had intervened in the market.
The move contributed to a rapid strengthening of the Japanese currency, pushing the dollar substantially lower from its recent highs.
The sharp movement in the dollar-yen exchange rate is expected to remain closely watched by investors following the confirmed intervention by the two countries.
