The USD/Yen exchange rate dropped 0.5% to 156.64 as the US Treasury and Japan confirmed a historic, coordinated intervention in the foreign exchange market.
Market analysts report that the intervention aims to stabilize the yen, with officials signaling readiness for further action to curb excessive currency volatility.
Reports suggest that the US Treasury is prepared to purchase between $5 billion and $10 billion worth of Japanese yen to support the currency's valuation.