The coordinated move pulled the dollar below ¥156 after it traded above ¥163.
Two bars comparing the Federal Reserve's target range, drawn at its 3.75 percent top with a reference line at its 3.5 percent bottom, with the Bank of Japan's 1 percent benchmark rate.
Chart
The rate gap behind the yen's slide did not move
Tokyo and Washington bought yen after the dollar traded above ¥163, its strongest in 40 years; it fell to about ¥155.20. The differential that draws money into dollar assets is unchanged.
The numbers
| Benchmark policy rate | Benchmark rate | Note |
|---|---|---|
| Federal Reserve | 3.75% | top of a 3.5%–3.75% target range |
| Bank of Japan | 1.00% |