Yen Support Coordination
U.S. and Japan move to stabilize the yen, with the Fed possibly drawn in.
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Updated Aug 3, 8:52pm ETEvery side, every morning
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The reporting
The United States and Japan jointly bought yen after the currency fell to a 40-year low against the dollar, the allies’ first joint yen-buying operation since 1998. The dollar traded at 156.80 yen after reaching 164 yen in July, while the yen strengthened almost 5% against the greenback over the past week. Treasury Secretary Scott Bessent confirmed U.S. support after notes photographed at a Camp David meeting referenced buying $5 billion to $10 billion in yen. U.S. and Japanese officials said they were prepared to intervene again if needed.
Analysis & opinion
Joint yen interventionBalanced
Washington and Tokyo carried out a rare coordinated yen-buying intervention to steady Japan’s currency after a sharp slide and excessive volatility. The move responded to a mix of rate, inflation, fiscal and geopolitical pressures that had driven the yen to historic weakness.
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