Rare Japan-South Korea Joint Intervention Lifts Yen and Won

Japanese and South Korean authorities jointly intervened in currency markets to support the yen and won, Reuters reported, citing sources familiar with the matter. Officials bought their own currencies in the open market, marking an unusual level of coordination between the two nations.

The intervention, described as both rare and unprecedented by the sources, may have also involved participation from the United States. Details on the scale or timing of the purchases were not immediately available.

The move comes amid heightened volatility in Asian currency markets, with the yen and won facing persistent depreciation pressures. Coordinated action of this kind is seen as a strong signal of policymakers’ commitment to stabilizing their exchange rates.