Japan Confirms ¥15.4 Trillion Yen-Buying Spree, First Joint US Action Since 1998

Japan intervened in the currency market three times over the summer to prop up the yen, the Finance Ministry said on Monday. Tokyo bought a daily record ¥7.98 trillion ($50.4 billion) on July 30, then another ¥5.55 trillion and ¥1.87 trillion in the following days.

The total ¥15.4 trillion over those three days was Japan's largest monthly spending on yen-buying intervention. The disclosure confirmed previously reported actions, including Tokyo's first coordinated operation with the US to support the currency in nearly three decades.

Record single-day purchase

The July 30 purchase was the largest daily amount on record. The ministry data for last quarter showed the subsequent operations added ¥5.55 trillion and ¥1.87 trillion. Japan and the US previously confirmed they jointly entered the currency market on July 31, their first coordinated operation to support the yen since 1998.

The rare joint move with Washington had a big impact on the market initially. US Treasury Secretary Scott Bessent and Finance Minister Satsuki Katayama said the intervention was aimed at countering disorderly movements. They added that they stood ready to act again if necessary.

Yen strength and retreat

The joint intervention convinced some market players that the yen's prolonged weakness might have run its course. Japan's currency eventually strengthened to 152.89 per dollar in early September before paring gains. It was trading around 158.30 Monday morning in Tokyo.

What Tokyo disclosed

Monday's daily intervention data from the Finance Ministry put exact figures to actions that had already been reported. The three operations together marked Japan's largest monthly spending on yen-buying intervention. The July 31 operation with the US was the first coordinated support for the yen since 1998.

Tokyo's purchases were aimed at slowing disorderly moves in the currency market, based on the comments from Bessent and Katayama. The yen remains weaker than its early September peak, trading near 158.30 per dollar in Tokyo on Monday morning.