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Qabil Ashirov

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The United States intervened in Japan's foreign exchange market on August 2, purchasing Japanese yen for the first time in more than a decade as part of what President Donald Trump described as a "gesture of friendship," AzerNEWS reports.

The move was aimed at supporting the yen after it fell to its weakest level against the U.S. dollar in four decades.

Speaking to reporters aboard Air Force One, Trump said, "The Japanese yen has weakened, and they wanted a little help. We are always there for Japan."

His remarks came after the Financial Times, citing sources familiar with the matter at the Federal Reserve Bank of New York, reported that the U.S. Treasury had sold euros on behalf of the Treasury Department to purchase Japanese yen.

Trump argued that supporting the Japanese currency would benefit the global economy. He pointed to last year's $20 billion U.S. financial assistance package for Argentina as an example of Washington's willingness to stabilize key economies.

Treasury Secretary Scott Bessent said the United States and Japan had carried out a coordinated intervention in currency markets on Friday to curb excessive volatility and disorderly movements in the yen. He added that Washington would not hesitate to participate in further joint interventions if necessary.

Japan's Ministry of Finance said the coordinated action was intended to counter excessive fluctuations and disorderly movements in the exchange rate. The ministry added that it remains in close contact with Washington and is prepared to conduct additional joint interventions if market conditions require.

Trump also suggested that the intervention could generate financial gains for the United States, although he did not explain how. "Japan has always treated us very well—except for Pearl Harbor," he joked.

The operation marked the first coordinated currency market intervention by the United States and Japan since 2011. At that time, following Japan's devastating earthquake and tsunami, expectations that domestic insurers would repatriate overseas assets pushed the yen to postwar record highs against the U.S. dollar. In response, the G7 countries and the Bank of Japan jointly intervened in currency markets by selling yen to curb its rapid appreciation.