US, Japan coordinate to defend yen; Treasury urges Fed to expand repo facility

In a rare joint action, the U.S. and Japan have intervened to support the struggling yen, with Tokyo planning to use the Federal Reserve's FIMA repo facility to raise dollars without selling its vast U.S. Treasury holdings. U.S. Treasury Secretary Scott Bessent publicly called on the Fed to increase the program's $60 billion per-country limit to provide more firepower. This is the first joint currency intervention by the two countries since 1998.