The United States and Japan have initiated a rare joint effort to strengthen yen, marking an extraordinary and the first one coordination between the two countries since 2011.

The primary purpose of the recent currency intervention is to halt a slide in the yen, curbing excessive volatility and correcting its “substantial undervaluation” after it hit a fresh 40-year low.

Japan has struggled against an accelerating slide in the yen, which has approached 40-year lows. This decline has increased the cost of........

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