US dollar weakens sharply against Japanese yen after market interventions

AP: The US dollar weakened this week against the Japanese yen after US President Donald Trump and Japan’s finance minister confirmed that both sides had intervened in markets. Before late last week, the dollar was trading above 163 yen, touching 40-year highs. After regulators were suspected of stepping in, it fell below 160 yen. Early Monday, after the official announcement of the intervention, the dollar fell to nearly 155.20 yen. That’s a big drop for the exchange rate. The dollar was trading at 156.70 yen early Monday Eastern time.