Japan and US step in to shore up yen
Japan and the US carried out their first joint yen intervention since 1998 after the currency hit a 40-year low near 164 to the dollar. The yen strengthened to about 157 to the dollar after Japan's finance ministry cited disorderly market moves and the US Treasury backed the action. Estimates put Japan's spending at 54 to 59 billion dollars, based on money-market data.
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