WASHINGTON, United States: President Donald Trump on Sunday confirmed that the United States had intervened to support the Japanese yen, calling the move a \u201csignal of friendship\u201d that would financially benefit the US and world economy.<\/p>\n
The Financial Times reported on Friday that the US Treasury had jointly intervened with Japan to prop up the yen for the first time in nearly three decades.<\/p>\n
Asked aboard Air Force One why the US was moving to support Japan\u2019s currency, Trump said: \u201cBecause we have a good relationship with Japan.\u201d<\/p>\n
The US will see \u201cfinancial benefit\u201d from the move and \u201cit\u2019s also good for the world economy,\u201d Trump insisted, but \u201cit was really more than anything else, it was a signal of friendship.\u201d<\/p>\n
\u201cWe\u2019re very strong \u2014 very very strong financially. They are, you know, they have a weakening yen, and they wanted a little bit of help. And we\u2019re always there for Japan. Japan\u2019s been very good to us, with the exception, of course, of Pearl Harbor,\u201d the president said.<\/p>\n
The Financial Times reported, citing people familiar with the matter, that the Federal Reserve Bank of New York had taken the unusual step of selling euros to buy yen on behalf of the US Treasury on Friday.<\/p>\n
The intervention came after the yen slid to 163.24 per dollar last month, its weakest level since 1986, as higher US interest rates, rising oil prices and persistent capital outflows weighed on the currency.<\/p>\n
Washington\u2019s move came as the yen rebounded sharply last week, fueling speculation that Japanese authorities had also intervened in currency markets.<\/p>\n
Analysts cited by FT estimated Japan\u2019s intervention may have totalled about 8.45 trillion yen ($52.8 billion).<\/p>\n
The Nikkei business daily put the amount at between 6 trillion and 7 trillion yen.<\/p>\n
According to FT, the move would be the first coordinated US-Japan effort to support the yen since 1998.<\/p>\n","protected":false},"excerpt":{"rendered":"
WASHINGTON, United States: President Donald Trump on Sunday confirmed that the United States had intervened to support the Japanese yen, calling the move a \u201csignal of friendship\u201d that would financially benefit the US and world economy. The Financial Times reported on Friday that the US Treasury had jointly intervened with Japan to prop up the …<\/p>\n","protected":false},"author":4,"featured_media":101181,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-101165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/101165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=101165"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/101165\/revisions"}],"predecessor-version":[{"id":101182,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/101165\/revisions\/101182"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/101181"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=101165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=101165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=101165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}