U.S. buys Yen to support Japanese currency
India, Aug. 2 -- The U.S. Treasury bought yen on Friday to support the battered Japanese currency, the Financial Times reported, marking Washington's first yen-buying intervention with Tokyo in more than a decade as it languishes near 40-year lows.
The Federal Reserve Bank of New York sold euros for yen on behalf of the Treasury through Goldman Sachs and Morgan Stanley, the FT said, citing people familiar with the matter. The report did not indicate any amounts of yen purchased.
Earlier on Friday, the Treasury informed a number of banks that it might intervene in the yen market and that they should "stand ready for future action," a source familiar with the matter told press.
A photo of Treasury Secretary Scott Bessent's notepad during...
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