Trump confirms U.S. intervention to support Japanese yen

President Donald Trump confirmed on Sunday that the United States intervened to support the Japanese yen, describing it as a "sign of friendship" that would also benefit the global economy.

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Because we have a very good relationship with Japan.

The Financial Times reported on Friday that the U.S. Treasury Department, in coordination with Japan, had intervened to prop up the yen for the first time in almost 30 years. When asked about the intervention aboard Air Force One, Trump stated, "Because we have a very good relationship with Japan." He added that while the U.S. would see a "financial benefit," it was "more than anything else, a sign of friendship."

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more than anything else, it was a sign of friendship.

The intervention occurred after the yen had fallen to its weakest level since 1986, reaching 163.24 per dollar last month. The Financial Times noted that the Federal Reserve Bank of New York sold euros to buy yen on behalf of the U.S. Treasury Department on Friday. Trump also remarked, "They have, you know, a weak yen and they wanted a little help. And we are always there for Japan. Japan has been very good to us, with the exception, of course, of Pearl Harbor."

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They have, you know, a weak yen and they wanted a little help. And we are always there for Japan. Japan has been very good to us, with the exception, of course, of Pearl Harbor.

In Tokyo, Japan's Finance Minister Satsuki Katyama confirmed the joint intervention, stating that the ministry "bought the Japanese yen in coordination with the U.S. Treasury Department" on Friday. She added that this "joint action ... countered excessive volatility and disorderly movements in the Japanese yen in recent months." Analysts cited by the FT estimated Japan's intervention could have amounted to approximately 8.45 trillion yen ($52.8 billion).

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bought the Japanese yen in coordination with the U.S. Treasury Department