The U.S. is stepping in to help boost Japan’s yen for the first time in nearly three decades after the currency hit a 40-year low, but the intervention has an unusual feature: instead of selling dollars to buy yen, the New York Fed reportedly sold euros to fund the purchase. https://bit.ly/3SfjXqJ
The U.S. is using euros, not dollars, to prop up the yen, and it may backfire: ‘This kind of twist…undercuts the efficacy of U.S. participation’ | FortuneThe unusual funding method backed a joint U.S.-Japan move that lifted the yen to 157 per dollar, but economists say it won't fix underlying issuesbit.ly