Japan spends record $96B yen intervention with U.S.

Japan spent a record 15.4 trillion yen (about $96.4–$96.5 billion) on currency market interventions from July 30 to August 26 to support the yen, marking the largest monthly effort on record. The interventions included a rare joint operation with the United States, underscoring Washington’s willingness to back Tokyo as the yen traded near four-decade lows. The move reflects Tokyo’s determination to shield exporters and temper higher import costs amid persistent rate divergence and energy pressures. Officials framed the US collaboration as a signal of steadfast cooperation to deter speculative attacks and stabilize markets. Analysts note that despite the scale of the intervention, the yen remains vulnerable to shifting policy paths and global commodity prices. Together, the reports portray August’s action as a defining moment in Japan’s currency policy, setting a new benchmark for intervention and signaling continued readiness to act if needed.