A joint intervention between Japan and the Trump administration has caused the U.S. dollar to sink against the yen.
Markets show the U.S. dollar sits at 156.80 yen as of Monday morning after reaching a 40-year high of 164 yen in July.
The drop follows the Treasury Department’s decision to sell off euros for yen on Friday in an effort to intervene on behalf of Tokyo’s deflating currency.
The amount of euros used to purchase yen was not made clear by the Financial Times, which reported the move launched by the Federal Reserve Bank of New York.
Sales were conducted through Goldman Sachs and Morgan Stanley, two people familiar with the matter told the outlet.
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