Japan and the United States carried out a rare coordinated yen-buying operation to stabilize sharp movements in the Japanese currency.

Japan’s finance ministry said it may conduct further interventions if needed and will remain in close contact with U.S. officials.

The yen strengthened after falling to its weakest level in about four decades against the dollar, trading near 157.70 per dollar on Monday.

U.S. Treasury Secretary Scott Bessent confirmed the action and said the move helped counter disorderly currency swings, CNBC has reported.

Some analysts questioned the effectiveness of the intervention, saying the unusual approach could weaken investor confidence in the yen.