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04.08.202600:52:36UTC+00Yen Holds Firm on Joint US-Japan Support

The Japanese yen traded near 157 per dollar on Tuesday, retaining most of the gains made over the previous three sessions, as signs of coordinated support from the United States and Japan kept markets on alert for further intervention. US Treasury Secretary Scott Bessent called on the Federal Reserve to expand its Foreign and International Monetary Authorities (FIMA) Repo Facility, which enables foreign governments to obtain US dollars by pledging their US Treasury holdings as collateral.

His comments came after both Bessent and President Donald Trump confirmed that the United States had conducted a joint intervention with Japan to support the yen. Data from the Bank of Japan showed that Tokyo spent about ¥5.33 trillion in Friday’s operations, following reports of a record single-day intervention totaling ¥8.45 trillion the day before.

The yen had slumped to its weakest levels in four decades last month, pressured by rising energy import costs, mounting fiscal concerns, and persistently wide interest rate differentials with major peers.

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