Japan and US confirm joint yen intervention

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Japan and the United States have confirmed they carried out a coordinated intervention in foreign exchange markets to support the Japanese yen after the currency fell to its weakest level in four decades.

The action marks the first joint intervention by the two countries since 2011 and lifted the yen to its strongest level in almost three months.

The Japanese Ministry of Finance and the US Treasury confirmed on Monday that they jointly bought yen in foreign exchange markets late last week after the Japanese currency dropped to almost ¥164 against the US dollar, its weakest level in 40 years.