Japanese Yen Weakens Against U.S. Dollar

The Japanese yen hit a near-38 year low against the U.S. dollar, raising expectations of intervention in currency markets. Japan's Ministry of Finance confirmed intervention in May, spending $62.25 billion. Analysts speculate on potential future intervention due to continued weakening of the yen.

BRICS Meeting on De-Dollarization and Trade Expansion

Foreign ministers of BRICS and other interested countries met in Russia to discuss expanding trade without the use of the U.S. dollar, focusing on 'de-dollarization.' BRICS aims to create a new currency to protect members from sanctions and human rights requirements. The meeting had a combative tone against Western nations, with an emphasis on distancing from the U.S. dollar.