What changed: The United States bought 79.4 billion yen on July 31, 2026, in its first intervention to buy yen since 1998.
The New York Fed carried out the operation in July on behalf of the Treasury, as the yen returned above 160 per dollar in November amid fresh Japanese warnings.
Read the full storyThe dollar returned above 160 yen for the first time since September, reaching 160.03 yen, as Japan renewed warnings about the speed of exchange-rate moves. The latest update revealed that the United States bought 79.4 billion yen on July 31, 2026, its first intervention to buy yen since 1998, executed by the New York Fed on behalf of the Treasury. The yen’s renewed weakness follows Japanese interventions totaling 15.4 trillion yen in July and August. Japan’s finance minister reaffirmed close coordination with the U.S. Treasury and the government’s commitment to respond appropriately to exchange-rate moves she described as one-sided and rapid.
What changed: The United States bought 79.4 billion yen on July 31, 2026, in its first intervention to buy yen since 1998.
The New York Fed carried out the operation in July on behalf of the Treasury, as the yen returned above 160 per dollar in November amid fresh Japanese warnings.
What changed: Tokyo renewed its warning after the dollar exceeded 160 yen, following Japanese interventions totaling 15.4 trillion yen in July and August.
The currency’s weakness comes as the dollar and U.S. Treasury yields rise, increasing import costs, squeezing Japanese households and strengthening expectations of Bank of Japan tightening.
What changed: Japan’s finance minister said the government would respond appropriately to currency fluctuations after the dollar touched 160 yen.
The yen fell to its weakest level since early September, while the U.S. two-year Treasury yield posted its biggest daily gain in three and a half years.
What changed: Japan’s top currency diplomat warned that recent exchange-rate moves were too rapid.
Japan’s top currency diplomat warned that recent moves have been too rapid, as the dollar hit its highest level in more than two months amid bets on a more hawkish Federal Reserve.
What changed: Katayama confirmed continued close coordination with the U.S. Treasury and described exchange-rate moves as one-sided and rapid.
The Japanese currency fell to 160.03 per dollar for the first time since early September, as the finance minister reaffirmed close coordination with the US Treasury.
What changed: The U.S. Treasury’s yen purchases on July 31 coincided with Japan spending 15 trillion yen to support the currency.
The US Treasury purchased 79 billion yen on July 31, 2026, marking its first intervention since 1998 alongside Japan's 15 trillion yen support effort.
What changed: The dollar fell from above 163 to around 155.20 yen after the intervention announcement, and Japan’s finance minister affirmed readiness for further joint intervention.
A U.S. Treasury report recorded a yen purchase on July 31, while the trade-weighted dollar was little changed during the quarter, according to the quarterly report.
What changed: Japan warned about the speed of currency moves as the dollar reached 159.94 yen in early trading on November 12.
The pair climbed to its strongest level in more than two months, while warnings from Tokyo, inflation data and differing Bank of Japan views brought monetary policy expectations back into focus.
What changed: The dollar rose 0.54% above 159 yen to a ten-week high, approaching levels that could prompt Japanese intervention.
The Japanese Yen weakened against the US Dollar as surging Treasury yields pushed the pair past key resistance levels toward the 160.00 threshold.
What changed: Japan’s finance ministry disclosed that intervention on July 30 reached a daily record of 7.98 trillion yen, or $50.36 billion.
Japan’s Finance Ministry disclosed details of the July operation on Nov. 9, while China data showed consumer prices slowing and producer prices accelerating in October.
What changed: Japan spent a record $50 billion in one day in July during a yen-support campaign that included rare joint action with Washington.
Japan's Ministry of Finance revealed a record $50 billion single-day intervention in July, including rare joint actions with U.S. authorities to stabilize the currency.
What changed: Japan’s finance minister confirmed coordination between Tokyo and Washington on foreign exchange market movements.
USD/JPY faces dual pressure from Japanese intervention risks and US Federal Reserve policy expectations as Tokyo and Washington coordinate on foreign exchange movements.
What changed: MUFG says Japanese intervention risks are limiting dollar gains against the yen despite strong US inflation data.
MUFG notes that potential currency intervention by Japanese authorities is limiting US Dollar upside against the Yen despite stronger inflation data.