Japan intervenes with $35B to support yen amid inflation fears from high oil prices

Japan's government and Bank of Japan intervened with an estimated $35 billion to support the yen, which had fallen to its weakest level in about 40 years. This rare currency intervention helped the yen gain 2.4% in one day, stabilizing it at around 157 per dollar. However, ongoing high oil prices driven by the Iran war are fueling inflation concerns, which could undermine the yen's recovery and pose challenges for Japan's economy going forward.