India, Aug. 3 -- The United States and Japan jointly stepped into the currency market last week to support the Japanese yen, marking the first such joint intervention since 1998. The move came after months of planning and talks between officials from both countries, showing a rare agreement between Washington and Tokyo on exchange rate issues.

Japan has tried to stop the yen from falling on its own in the past, but those efforts did not have a lasting impact. This time, Japan got support from US Treasury Secretary Scott Bessent, whose public backing for a stronger yen gave Japanese officials more confidence, according to Reuters.

Japan wants a stronger yen because a weak currency makes imports more expensive, raising the cost of living ...