A Falling Yen Is Testing Japan’s Resolve and Stoking Risks for U.S. Markets

Japan’s yen extended its recent decline, falling back to a level that could trigger a fresh round of intervention from government officials that has the potential to roil U. S. stocks during the traditional August lull.

Japan’s Ministry of Finance has spent billions propping up the yen this year, including a record $53 billion in late July when it joined forces with the U. S. Treasury Department for the first time since 1998 to arrest the currency’s yearslong slide.