Trump says yen intervention is signal of friendship with Japan

ABOARD AIR FORCE ONE – President Donald Trump said the US joined a currency-market intervention that lifted the yen last week as a sign of friendship with Japan and to help the global economy.

“They wanted a little bit of help, and we’re always there for Japan,” Trump told reporters aboard Air Force One on Aug 2, citing the “good relationship” with the US ally.

“Japan’s always been very good to us – with the exception of course of Pearl Harbour,” he added.

“More than anything else, it was a signal of friendship.”

Before Trump’s comments, the yen edged higher in thin trading with markets on high alert for more joint intervention by Japan and the US on Aug 3 after coordinated operations in Tokyo and New York last week triggered a dramatic rebound in the currency.

After his remarks, the yen held a small loss against the dollar.

Japan’s Finance Ministry and the US Treasury Department are now working together to a degree unseen in decades to shore up the yen, raising the stakes for anyone betting against it. BLOOMBERG