Washington and Tokyo’s rare joint intervention to support the yen has put renewed focus on Japan, the largest foreign holder of US Treasurys. Early on Tuesday, the dollar-yen pair traded at around 157 against the dollar after rebounding from a nearly four-decade low of around 164, following intervention by US and Japanese authorities on Friday.
The US and Japan carried out their first coordinated yen-buying intervention in nearly three decades on Friday, stepping into currency markets after the yen weakened to a 40-year low against the dollar. Japanese Finance Minister Satsuki Katayama confirmed the operation on Monday and warned that the two countries could intervene together again if needed. The