US dollar weakens sharply against the Japanese yen after officials intervene in markets

TOKYO -- The U.S. dollar weakened sharply Monday against the Japanese yen after U.S. President Donald Trump and Japan's finance minister confirmed both sides had intervened in markets.

Before late last week, the dollar was trading above 163 yen, touching 40 year highs. After regulators were suspected of stepping in, it fell below 160 yen.

Early Monday, after the official announcement of the intervention, the dollar dropped about 1% to 156.34 yen. That's a big change for the exchange rate.