US and Japan intervene jointly to support yen for first time since 1998

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Japan is estimated to have spent up to $36.6 billion buying yen in a rare joint currency intervention with the United States. This marks the first such coordinated action between the two countries since 1998, aimed at curbing a disorderly decline in the yen. The move comes as Bitcoin traded around $63,600, with currency market turbulence testing carry-trade dynamics. Bitget Wallet analyst Alvin Kan noted the intervention may slow the yen's slide but is unlikely to reverse the broader downward trend.

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