00:00Japan and the United States have confirmed a rare joint intervention to support the yen last week
00:06after the Japanese currency fell to a 40-year low against the U.S. dollar.
00:11Japan's finance ministry confirmed the coordinated action
00:14after U.S. President Donald Trump said Washington was helping to stabilize the yen
00:20in support of the global economy.
00:24The announcement sent the yen sharply higher, rising as much as 1.4 percent
00:29to its strongest level in nearly three months at 155.2 per U.S. dollar.
00:35It marks the first coordinated currency intervention between the two countries since 2011
00:40following Japan's devastating earthquake and tsunami.
00:44Both governments said they would not hesitate to take further joint action if needed.
00:49Japan has been struggling to halt the yen's decline,
00:53which has driven up import costs, filled inflation and added pressure on households.
00:58Previous interventions in April and May, as well as the Bank of Japan's June interest rate hike,
01:04provided only temporary support for the currency.
01:07Bank of Japan data suggests Tokyo spent nearly $59 billion buying yen
01:13ahead of the joint intervention with Washington.
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