As the U.S. joins Japan to defend the yen, bitcoin stays flat above $63,000, defying the carry-trade panic that once sank it.

Joint US-Japan intervention has supported the yen for now, but isn’t a game-changer for the currency or the economy, Japan’s former Prime Minister Fumio Kishida said, touting a ¥370 trillion ($2.3 trillion) growth strategy as the long-term vision that will transform Japan’s fortunes.

Treasury Secretary Scott Bessent made $1 billion betting against the yen as the top investor for George Soros more than a decade ago. Now, he is using the might of the U.S. economy to prop up the Japanese currency.

Jitania Kandhari, Deputy CIO of Morgan Stanley Investment Management's Solutions & Multi-Asset Group see Yen at 160 to remain the 'line in the sand'. A sharp appreciation of Japanese Yen is unlikely at this stage unless monetary policies align to favor the move.

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

The U.S. joined Japan in buying yen, helping reverse the currency's slide as authorities signaled that further coordinated action remained possible.

U.S. and Japanese officials confirmed that the Treasury Department had moved last week to prop up the currency, which had been trading near four-decade lows.

By Leika Kihara, Makiko Yamazaki and Tamiyuki Kihara TOKYO, Aug 3 (Reuters) - A joint U.S.-Japanese effort to fight off speculative bets against a battered yen last week followed months of preparation by the two nations and a rare and public alignment of interests in Washington and Tokyo over exchange rates.