Japan and the United States have confirmed a rare coordinated intervention in currency markets, pushing the yen to its highest level in three months at ¥155 to the dollar. The operation came after the yen had fallen to a 40-year low of nearly ¥164 to the dollar, with Tokyo spending an estimated $36.58bn to buy yen last Friday alone. US Treasury Secretary Scott Bessent and Japanese officials both signalled willingness to intervene further, though analysts at Oxford Economics cautioned the move is unlikely on its own to reverse the broader trend of yen weakness.