Dollar Falls below 155.50 Yen after Japan-U.S. Action

Tokyo, Aug. 3 (Jiji Press)–The dollar plummeted briefly below 155.50 yen for the first time in roughly three months in Tokyo trading Monday, after Japanese and U.S. authorities intervened to buy the Japanese currency in concerted action Friday, U.S. Eastern time. The dollar trimmed its losses to stand at 156.76-77 yen at 5 p.m., still down from 160.20-21 yen at the same time Friday. The Japan-U.S. coordinated yen-buying intervention was the first in about 28 years. U.S. President Donald Trump said early Monday morning, Japan time, that the United States conducted a yen-buying operation at the request of the Asian ally. In a statement released the same day, Japanese Minister of Finance Satsuki Katayama acknowledged the concerted intervention by her ministry and the U.S. Treasury Department, saying that Japan will not hesitate to conduct further joint interventions with the U.S. side. U.S. Treasury Secretary Scott Bessent posted a similar message on X, formerly Twitter. “(The) Treasury (Department) remains attentive and in close communication with our counterparts” at Japan’s Ministry of Finance and the Bank of Japan, he said, adding, “We will not hesitate to participate in further joint intervention.” Yen buying for dollars quickly gathered pace later, causing the greenback to briefly plunge close to 155.20 yen. A Japanese bank official said, “Authorities may have conducted an additional intervention following the announcements in order to demonstrate the seriousness of their action.” The euro also fell against the yen in Tokyo on Monday, briefly slipping below 180 yen for the first time since last November. At 5 p.m., it stood at 180.69-71 yen, down from 184.47-48 yen. Meanwhile, Japan’s benchmark Nikkei 225 stock average briefly plunged more than 1,600 points in the morning. The decline moderated in the afternoon. The index of 225 major issues listed on the Tokyo Stock Exchange’s Prime section ended at 63,754.90, down 607.12 points, or 0.94 pct, from Friday. “Buying of shares in companies that have reported strong earnings supported the index,” a brokerage house official said. END [Copyright The Jiji Press, Ltd.]