π΄ US Treasury intervenes in currency market again
The U.S. Treasury stepped into the currency market to defend the Japanese Yen, a move unseen for almost 30 years. This intervention occurred following a surprisingly weak U.S. employment report, which caused the Yen to jump suddenly against the dollar. The Bureau of Labor Statistics reported that the U.S. lost 23,000 jobs in July, while the unemployment rate held steady at 4.1 percent. This action comes after recent joint steps by Japanese and U.S. authorities to support the weak Yen. Economists are debating if this is a symptom of Japan's larger fiscal and debt crisis. π΄