Japan and US stage 1st joint currency intervention since 2011
Japan and the US just teamed up for their first joint currency intervention since 2011, aiming to calm the yen's slide after months of weakness.
The operation happened on Friday, July 31, to tackle what officials called excessive volatility.
Both governments say they are ready to step in again if needed, hoping this helps keep global markets stable.
Dollar falls to 156.50 analysts skeptical
The move made the dollar drop 0.6% against the yen, hitting 156.50 during Asian trading hours.
Still, analysts think this fix might not last because issues like high energy costs and big interest rate differences between Japan and the US are sticking around.
Earlier solo interventions and Japan's huge June rate hike only brought short relief.
Looking ahead, more rate hikes or new tools, like using the Federal Reserve's repurchase facility, could be on the table if things get shaky again.