Bennett: Coordinated Yen Intervention with Japan Last Friday to Support America's Trusted Partner

August 3rd, US Treasury Secretary Yellen stated, "Our government stands behind trusted partners around the world. Economic security is national security, and the US-Japan alliance is built on both. Last Friday's coordinated forex intervention addressed the yen's disorderly movement. The Treasury Department is closely monitoring the situation and is in close communication with colleagues at the Ministry of Finance and the Bank of Japan. We will not hesitate to engage in further coordinated interventions."

The FIMA Repo Facility (Foreign and International Monetary Authorities Repo Facility) is a key backstop. We encourage expanding its size in the coming months. We strongly support Japan's decisive market and currency actions to correct the significant undervaluation of the yen."