The US dollar has weakened after the US and Japan jointly intervened to prop up the Japanese yen. The intervention marks the first time since 1998 that the US has supported Japanese authorities in strengthening the yen, with the last US involvement in any yen intervention occurring in 2011 during the Fukushima nuclear disaster. The dollar's decline against the yen was most pronounced on Thursday and Friday, though the greenback has since drifted slightly higher. The yen's strength has been broad-based, gaining against multiple currencies over the past four days. US Treasury Secretary Scott Bessent stated that the US will continue to support Japan and do what is necessary, amid concerns that a persistently weak yen could have forced Japan to sell US Treasury holdings, potentially pressuring US yields and stocks.