US-Japan trade thaw driven by shared yen for stronger currency

A rare joint intervention to stabilise the yen has given US-Japan relations a near-term lift, according to analysts. But whether that goodwill endures depends on how long the currency’s rebound can survive mounting market and policy pressures. Friday’s operation, Washington’s first yen purchase since 1998, came after the Japanese currency had slumped to a four-decade low of almost 164 yen to the US dollar. The intervention briefly lifted the yen to a three-month high of 155.2 on Friday before...

By Biman Mukherji