US and Japan intervene to halt yen's slide to 40-year low

The United States and Japan staged a rare coordinated currency intervention last week to support the yen after it fell to 163 against the dollar, its weakest since 1986. The move aims to prevent a disorderly decline that could disrupt global financial markets, as the yen is the world's third-most-traded currency. Washington also seeks to avoid Japan selling its $1.114 trillion in US Treasuries, which would raise US interest rates. The yen has since recovered to 157 per dollar.