US President Donald Trump described the United States' intervention to support the Japanese yen as a 'signal of friendship' with Japan.
The President stated that the US intervention to support the yen would benefit both the United States and the global economy. He noted the intervention occurred 'because we have a good relationship with Japan.'
The US Treasury and Japan jointly intervened to support the Japanese yen, marking the first coordinated effort between the two countries since 1998, according to the Financial Times.
On Friday, the Federal Reserve Bank of New York sold euros to buy yen on behalf of the US Treasury, the Financial Times reported.
Intervention estimates
The Japanese yen slid to 163.24 per dollar last month, reaching its weakest level since 1986.
Estimates regarding the scale of the intervention vary. Analysts cited by the Financial Times estimated the intervention may have totaled approximately 8.45 trillion yen ($52.8 billion), while the Nikkei business daily estimated the amount to be between 6 trillion and 7 trillion yen.
Estimated total of Japan's intervention according to analysts cited by the Financial Times.
