Joe Blogs: US Dollar Intervention

In late July 2023, global financial markets witnessed an extraordinary event as the United States surged to coordinate with Japan in a joint effort to support the rapidly depreciating Japanese yen.  This move marked the first cooperative currency intervention between the two nations to bolster the yen since 1998. The intervention was prompted by a dramatic decline in the yen’s value, which had plummeted from around 100 yen per dollar to a near 40-year low of approximately 164 yen per dollar. Such extreme currency volatility created deep-seated anxieties in international markets, threatening to unleash a wave of instability across the…