US-Japan joint yen intervention

In late July and early August 2026, the Japan — Japanese yen hit a 40-year low near 164 per dollar, prompting Japan's Ministry of Finance to intervene in currency markets on Thursday, July 30, and again on Friday, July 31, in coordination with the U.S. Treasury. The U.S. Treasury, through the United States — Federal Reserve Bank of New York, sold euros to buy yen, marking the first coordinated U.S.-Japan yen-buying intervention since 1998. The intervention was confirmed by both governments, with U.S. Treasury Secretary Scott Bessent stating the U.S. would do 'whatever it takes' to support Japan. The yen surged over 5% from its lows, reaching 155.20 per dollar on August 3, before stabilizing around 157. The move was accompanied by signals that the Japan — Bank of Japan might raise interest rates, and the U.S. considered expanding the FIMA repo facility to provide additional dollar liquidity. The intervention aimed to curb excessive yen weakness and disorderly market moves, with analysts estimating Japan spent up to $59 billion. The action also coincided with falling oil prices due to optimism over Iran talks, which further pressured the dollar.