President Donald Trump told reporters aboard Air Force One that the United States had intervened to support the Japanese yen, calling the move a “signal of friendship” that would benefit the US and the world economy.

The Financial Times reported that the US Treasury had jointly intervened with Japan for the first time in nearly three decades. Trump explained the action was driven by a strong relationship with Japan and that the US would enjoy a “financial benefit.” He emphasized the policy was “more than anything else… a signal of friendship.”

The intervention involved the Federal Reserve Bank of New York selling euros to buy yen on behalf of the US Treasury after the currency slid to 163.24 per dollar last month, its weakest level since 1986. Analysts estimate the total intervention at about 52.8 billion dollars, the first coordinated US‑Japan effort since 1998.

Washington’s move came as the yen rebounded sharply last week, fueling speculation that Japanese authorities had also intervened. The Nikkei business daily put the amount at between 6 trillion and 7 trillion yen, and the FT noted it may have totaled roughly 8.45 trillion yen. The action marks a rare, joint effort to stabilize the currency after a long period of US inaction.