Nikkei falls 2% as yen rises 5%

The Nikkei 225 index declined by 2% to reach 63,000 points, as the Japanese yen continued to rise, surpassing 155 yen per dollar after Japan executed coordinated yen-buying operations in collaboration with the U.S. Treasury. The yen has appreciated approximately 5% over the past three days. The increase in the yen's value and the confirmation of coordinated interventions are seen as attempts to curb its previous decline, which had reached a 40-year low, and to mitigate the impact on Japanese export industry profits. Additionally, the Japanese Ministry of Finance announced its readiness to carry out further interventions if necessary, noting that Japan has already spent around $59 billion to support the currency.

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