Abu dhabi: The US dollar weakened sharply Monday against the Japanese yen after US President Donald Trump and Japan's finance minister confirmed both sides had intervened in markets. Early Monday, after the official announcement of the intervention, the dollar dropped about 1 percent to 156.34 yen. That's a big change for the exchange rate.

According to Emirates News Agency, before late last week, the dollar was trading above 163 yen, touching 40-year highs. The sudden intervention by both nations has led to a significant shift in the currency exchange landscape, reflecting the ongoing economic strategies of the US and Japan. The market intervention underscores the volatility and the interconnectedness of global currency markets, with significant implications for international trade and investment.