On Friday, the US and Japanese authorities continued to support the yen, and the exchange rate of the yen against the US dollar and the euro both increased by more than 1%. People familiar with the matter revealed that the Japanese authorities entered the New York trading session on Friday to buy yen and sell dollars. Nikkei News reported earlier that the Japanese government and the Bank of Japan intervened in yen for the second day in a row; other media sources said that the Federal Reserve Bank of New York sold the euro and bought the yen on behalf of the US Treasury. The newspaper said that this is the first time in nearly 30 years that the US and Japan have jointly intervened to support the yen. The US Treasury has yet to respond to related reports; Japanese Treasury officials have yet to comment. Two people familiar with the matter revealed earlier that the New York Federal Reserve will contact at least two major US banks during the day to inquire about EUR/JPY quotes. Over the past few days, the US and Japan have taken action one after another, showing that the two sides are working together to contain the depreciation of the yen. The yen hit a low since 1986 last week. Higher oil prices and Japan's continued fiscal deficit, compounded by huge interest spreads between major economies such as Japan and the US, continue to suppress the yen exchange rate. Alex Loo, a Singaporean economist at TD Securities, said: “Traders will be wary of further intervention by the authorities.”

On Friday, the US and Japanese authorities continued to support the yen, and the exchange rate of the yen against the US dollar and the euro both increased by more than 1%. People familiar with the matter revealed that the Japanese authorities entered the New York trading session on Friday to buy yen and sell dollars. Nikkei News reported earlier that the Japanese government and the Bank of Japan intervened in yen for the second day in a row; other media sources said that the Federal Reserve Bank of New York sold the euro and bought the yen on behalf of the US Treasury. The newspaper said that this is the first time in nearly 30 years that the US and Japan have jointly intervened to support the yen. The US Treasury has yet to respond to related reports; Japanese Treasury officials have yet to comment. Two people familiar with the matter revealed earlier that the New York Federal Reserve will contact at least two major US banks during the day to inquire about EUR/JPY quotes. Over the past few days, the US and Japan have taken action one after another, showing that the two sides are working together to contain the depreciation of the yen. The yen hit a low since 1986 last week. Higher oil prices and Japan's continued fiscal deficit, compounded by huge interest spreads between major economies such as Japan and the US, continue to suppress the yen exchange rate. Alex Loo, a Singaporean economist at TD Securities, said: “Traders will be wary of further intervention by the authorities.”