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The U.S. and Japan on Sunday confirmed a coordinated yen-buying intervention — their first joint currency market action since 2011 — after the yen fell to a 40-year low of nearly 164 yen per dollar in late July.

The U.S. and Japan on Sunday confirmed a coordinated yen-buying intervention — their first joint currency market action since 2011 — after the yen fell to a 40-year low of nearly 164 yen per dollar in late July.

The Federal Reserve Bank of New York sold euros to buy yen on behalf of the U.S. Treasury. The transactions were reportedly conducted through Goldman Sachs and Morgan Stanley.

The Federal Reserve Bank of New York sold euros to buy yen on behalf of the U.S. Treasury. The transactions were reportedly conducted through Goldman Sachs and Morgan Stanley.

Following the announcement, the yen surged more than 1% to 155.20 per dollar — its strongest level since early May. Japan's Finance Minister Satsuki Katayama said authorities "will not hesitate to conduct further coordinated intervention."

Ministry of Finance, Japan

Following the announcement, the yen surged more than 1% to 155.20 per dollar — its strongest level since early May. Japan's Finance Minister Satsuki Katayama said authorities "will not hesitate to conduct further coordinated intervention."

Asked aboard Air Force One why the U.S. was moving to support Japan's currency, President Donald Trump said: "Japan has been very good to us — with the exception, of course, of Pearl Harbor." Katayama said in a statement that the joint action was taken to counter "excessive volatility and disorderly movements in the Japanese yen in recent months."

Asked aboard Air Force One why the U.S. was moving to support Japan's currency, President Donald Trump said: "Japan has been very good to us — with the exception, of course, of Pearl Harbor." Katayama said in a statement that the joint action was taken to counter "excessive volatility and disorderly movements in the Japanese yen in recent months."

This comes after a Reuters photograph of a notepad in front of Treasury Secretary Scott Bessent during a Cabinet meeting on Friday showed a to-do list indicating U.S. purchases of $5 billion to $10 billion worth of Japanese yen.

This comes after a Reuters photograph of a notepad in front of Treasury Secretary Scott Bessent during a Cabinet meeting on Friday showed a to-do list indicating U.S. purchases of $5 billion to $10 billion worth of Japanese yen.

Bessent said the U.S. would consider expanding the Federal Reserve's repurchase facility to provide temporary dollar liquidity to Japan, describing the tool as an "important backstop" for funding intervention without outright Treasury sales.

Scott Bessent

Bessent said the U.S. would consider expanding the Federal Reserve's repurchase facility to provide temporary dollar liquidity to Japan, describing the tool as an "important backstop" for funding intervention without outright Treasury sales.

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Japan and the U.S. confirmed a coordinated yen-buying intervention — their first joint currency market action since 2011 — after the yen fell to a 40-year low of nearly 164 yen per dollar in late July.

Japan and the U.S. confirmed a coordinated yen-buying intervention — their first joint currency market action since 2011 — after the yen fell to a 40-year low of nearly 164 yen per dollar in late July.

The Federal Reserve Bank of New York sold euros to buy yen on behalf of the U.S. Treasury, with the transactions conducted through Goldman Sachs and Morgan Stanley, according to people familiar with the matter.

The Federal Reserve Bank of New York sold euros to buy yen on behalf of the U.S. Treasury, with the transactions conducted through Goldman Sachs and Morgan Stanley, according to people familiar with the matter.

A Reuters photograph of a notepad in front of Treasury Secretary Scott Bessent during a Cabinet meeting on Friday showed a to-do list indicating U.S. purchases of $5 billion to $10 billion worth of Japanese yen.

A Reuters photograph of a notepad in front of Treasury Secretary Scott Bessent during a Cabinet meeting on Friday showed a to-do list indicating U.S. purchases of $5 billion to $10 billion worth of Japanese yen.

Following the announcement, the yen surged more than 1% to 155.20 per dollar — its strongest level since early May. Japan's Finance Minister Satsuki Katayama said authorities "will not hesitate conducting further coordinated intervention."

Following the announcement, the yen surged more than 1% to 155.20 per dollar — its strongest level since early May. Japan's Finance Minister Satsuki Katayama said authorities "will not hesitate conducting further coordinated intervention."

Some analysts cautioned that structural factors — including the wide Japan-U.S. interest rate gap and rising import costs — could limit lasting gains for the yen. Wells Fargo analysts noted the intervention "underscores the limits of relying on FX operations alone."

Some analysts cautioned that structural factors — including the wide Japan-U.S. interest rate gap and rising import costs — could limit lasting gains for the yen. Wells Fargo analysts noted the intervention "underscores the limits of relying on FX operations alone."

The joint U.S.-Japan yen intervention wasn't about friendship — it was damage control. Japan holds over $1 trillion in U.S. debt, and a unilateral defense of the yen would've forced massive Treasury sales, spiking yields at the worst possible time. Selling euros to buy yen is a desperate patch on a cracking system, not a sign of strength, and coordinated intervention at this scale historically signals serious trouble ahead.

The joint U.S.-Japan yen intervention wasn't about friendship — it was damage control. Japan holds over $1 trillion in U.S. debt, and a unilateral defense of the yen would've forced massive Treasury sales, spiking yields at the worst possible time. Selling euros to buy yen is a desperate patch on a cracking system, not a sign of strength, and coordinated intervention at this scale historically signals serious trouble ahead.

Nicholas Mugalli

Tom Winter

The U.S.-Japan coordinated yen intervention is smart, strategic policy that protects both economies. The yen was severely undervalued, creating unfair trade dynamics, and joint action sent a clear market signal that disorderly currency movements won't be tolerated. With both governments pledging to intervene again without hesitation, this is exactly the kind of decisive alliance-driven leadership that keeps global markets stable.

The U.S.-Japan coordinated yen intervention is smart, strategic policy that protects both economies. The yen was severely undervalued, creating unfair trade dynamics, and joint action sent a clear market signal that disorderly currency movements won't be tolerated. With both governments pledging to intervene again without hesitation, this is exactly the kind of decisive alliance-driven leadership that keeps global markets stable.

US, Japan intervene jointly to boost yen from 40-year low

US, Japan intervene jointly to boost yen from 40-year low

Money

Japan

United States of America

The is smart, strategic policy that protects both economies. The yen was severely undervalued, creating unfair trade dynamics, and joint action sent a clear market signal that disorderly currency movements won't be tolerated. With both governments pledging to intervene again without hesitation, this decisive alliance-driven leadership keeps global markets stable.

The is smart, strategic policy that protects both economies. The yen was severely undervalued, creating unfair trade dynamics, and joint action sent a clear market signal that disorderly currency movements won't be tolerated. With both governments pledging to intervene again without hesitation, this decisive alliance-driven leadership keeps global markets stable.

The intervention wasn't about friendship — it was damage control. Japan holds over $1 trillion in U.S. debt, and a unilateral defense of the yen would've forced massive Treasury sales, spiking yields at the worst possible time. Selling euros to buy yen is a desperate patch on a cracking system, and coordinated intervention at this scale historically signals serious trouble ahead.

The intervention wasn't about friendship — it was damage control. Japan holds over $1 trillion in U.S. debt, and a unilateral defense of the yen would've forced massive Treasury sales, spiking yields at the worst possible time. Selling euros to buy yen is a desperate patch on a cracking system, and coordinated intervention at this scale historically signals serious trouble ahead.

There's a 40% chance that the USD will be the dominant global reserve currency in 2050, according to the Metaculus prediction community.

There's a 40% chance that the USD will be the dominant global reserve currency in 2050, according to the Metaculus prediction community.

US, Japan Intervene Jointly to Boost Yen From 40-Year Low

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US, Japan Intervene Jointly to Boost Yen From 40-Year Low

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