U.S. and Japan conduct coordinated yen-buying intervention to ease volatility of Japan's currency

Japan's finance minister confirmed Monday it had conducted a coordinated yen-buying operation with the U.S. Treasury on Friday. 

The buy, which is a rare joint move, aims to prevent sharp swings in the Japanese currency, CNBC reported. 

Tokyo said that it wouldn't hesitate to conduct further interventions in the future, should they be needed to ease the volatility of the Japanese yen. Finance Minister Satsuki Katayama said the country remains in close communication with the U.S. Treasury. 

The Japanese yen hit 163.73 against the U.S. dollar on Thursday and rose to 157.70 per dollar on Monday.