The United States is buying Japanese yen as the currency dropped to a 40-year low against the dollar, a measure representing “a signal of friendship,” President Donald Trump said on Sunday.
Supporting the Yen
Trump’s comments come after the Financial Times reported Friday that the Federal Reserve Bank of New York sold euros for yen on behalf of the Treasury Department, citing people familiar with the matter.
Trump said Sunday that supporting the yen would be “good for the world economy.” He cited last year’s $20 billion bailout for Argentina and the capture of Venezuelan President Nicolás Maduro as examples of how US intervention has helped bolster other countries’ economies.
Treasury Secretary Scott Bessent said the US and Japan coordinated foreign exchange actions to counter disorderly yen movements on Friday, adding that the Treasury Department “will not hesitate to participate in further joint intervention.”
Original reporting: KRDO (Colorado Springs metro) — read the source article.
