“The U.S. and Japanese governments coordinated to stabilize the yen after the currency plummeted last week, a historic intervention aimed at preventing wider economic destabilization,” Semafor reports.“The yen is ‘very undervalued,’ U.S. Treasury Secretary Scott Bessent said on Friday — Japan’s currency has weakened for months, a phenomenon economists attributed to Prime Minister Sanae Takaichi’s expansionary fiscal policy, including her push to boost defense spending.”“The moves suggest the White House was concerned a yen selloff could further push up U.S. bond yields, which remain elevated.”Reuters: Bessent’s “to do” list: buy $5-10 billion worth of Japanese yen, photo shows.