Japanese yen rebounds to ¥155 after US and Japan intervention
Business
The Japanese yen just bounced back to ¥155 against the US dollar, its strongest spot since early May.
This happened after the US and Japan joined forces last week to stop the yen from sinking further, which had hit a 40-year low near ¥164.
Thanks to their intervention, the yen gained about 4% in just one week.
Japan finance ministry ready to intervene
Japan's finance ministry says it is ready to step in again if needed, and got support from the US Treasury secretary, Scott Bessent, who encouraged the Bank of Japan to raise interest rates.
Still, Oxford Economics thinks this fix is only temporary: the Bank of Japan probably won't hike rates until December, so the yen might stay weak for a while longer.