TOKYO - The U.S. dollar briefly plunged below 156 yen from the upper 157 yen level on Monday morning after Japan and the United States announced they had jointly carried out yen buying late last week, warning of further intervention.
At 10 a.m., the dollar fetched 156.13-14 yen compared with 157.33-43 yen in New York and 160.20-22 yen in Tokyo at 5 p.m. Friday.
The euro was quoted at $1.1541-1542 and 180.19-23 yen against $1.1517-1527 and 181.39-49 yen in New York and $1.1514-1515 and 184.46-50 yen in Tokyo late Friday afternoon.
After Tokyo and Washington said they had coordinated market intervention on Friday for the first time in 15 years, Japan's top currency bureaucrat pledged to continue taking measures to curb excessive volatility in the yen.
Atsushi Mimura, vice finance minister for international affairs, added that the recent currency intervention marked "the completion of the U.S.-Japan currency alliance," suggesting the two countries will work as one if necessary.
Tokyo stocks opened lower, as some heavyweight technology shares were sold after the Nikkei stock index surged nearly 2,500 points the previous trading day.
At 10 a.m., the 225-issue Nikkei Stock Average was down 1,355.04 points, or 2.11 percent, from Friday at 63,006.98. The broader Topix index was 107.57 points, or 2.69 percent, lower at 3,895.73.
On the top-tier Prime Market, the main decliners were transportation equipment, mining and insurance issues.
