Trump says US backed Japanese Yen in rare currency intervention
Summary
President Donald Trump said the United States helped support the Japanese yen through joint currency intervention with Japan. This action aimed to strengthen the yen's value and was described as a friendly move benefiting both the U.S. and the global economy.Key Facts
- The U.S. and Japan intervened together to support the Japanese yen for the first time in nearly 30 years.
- The intervention involved the U.S. Treasury and the Federal Reserve Bank of New York selling euros to buy yen.
- The yen had weakened to its lowest level since 1986, reaching 163.24 yen per dollar.
- Higher U.S. interest rates, rising oil prices, and capital outflows contributed to the yen’s decline.
- Analysts estimate Japan’s intervention could have been around 6 to 8.45 trillion yen (about $52.8 billion).
- President Trump called the intervention a "signal of friendship" between the U.S. and Japan.
- The coordinated intervention aimed to help stabilize the global economy.
- This was the first major joint currency support effort from the U.S. and Japan since 1998.
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