The US and Japan conducted a historic joint yen intervention, the first time the two countries have coordinated outright currency purchases in nearly 30 years. Japan's finance minister Satsuki Katayama confirmed the intervention on Friday in co-ordination with the US Treasury, vowing further action if needed. The move followed the yen hitting its weakest level against the dollar since 1986, with concerns that Prime Minister Sanae Takaichi's spending plans could stoke inflation.

A Reuters photographer captured a to-do list for US Treasury secretary Scott Bessent at Camp David with a single item: "Buy Japanese Yen (JPY) $5-10 bil." Following the intervention, the yen strengthened by over 1 per cent to ¥155.21 before retreating to ¥156.75. Investors remain sceptical that intervention alone will create lasting yen strength without faster interest rate rises. The Bank of Japan held rates at 1 per cent but governor Kazuo Ueda warned the central bank would not "fall behind the curve." Other headlines include AstraZeneca investor concerns over a potential mega-merger with Bristol Myers Squibb, Apple challenging UK encrypted data demands, and UBS fined a record $125mn for anti-money laundering failures.