The US Treasury bought yen on Friday to support the battered Japanese currency, the Financial Times reported, marking Washington’s first yen-buying intervention with Tokyo in more than a decade as it languishes near 40-year lows.

The Federal Reserve Bank of New York sold euros for yen on behalf of the Treasury through Goldman Sachs and Morgan Stanley, the FT said, citing people familiar with the matter. The report did not indicate any amounts of yen purchased.

Earlier on Friday, the Treasury informed a number of banks that it might intervene in the yen market and that they should “stand ready for future action,” a source familiar with the matter told Reuters.

A Reuters photo of Treasury Secretary Scott Bessent’s notepad during a cabinet meeting at Camp David in Maryland showed the words “To Do,” followed by “Buy Japanese Yen (JPY) $5-10 bil.”

Japan and the United States may unveil a policy as early as next week to address the yen’s weakness, Kyodo News reported on Saturday, citing informed sources.

The announcement would serve as a warning against speculative bets that have pressured the Japanese currency, with the aim of stabilising markets, the report said.

The US last directly supported the yen in 2011, coordinating with fellow Group of Seven nations to stabilise markets after Japan’s earthquake and tsunami disaster.

News of the potential intervention by the Treasury helped boost the yen, with a notable jump during late afternoon trading. The dollar dropped to about 157.6 yen just before 2100 GMT from about 158.9 yen around an hour earlier, LSEG data showed.

The US currency had risen in recent weeks to nearly 164 yen, its highest since 1986. Japan may have sold as much as $58.97 billion to buy yen on Thursday, central bank data indicated on Friday, signalling its repeated efforts to stem the yen’s weakness.

Tokyo intervened again in New York trading hours on Friday, the Nikkei reported on Saturday.

The ministry, in an apparent effort to soothe market worries about the limits of Japan’s firepower for large-scale intervention, posted on X that Japan’s monetary authorities have “a broad range of tools to address market liquidity needs.”