Japan, US Carry Out First Joint Yen Intervention in 15 Years

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Finance Minister Satsuki Katayama told reporters on August 3 that Japan and the United States had carried out a coordinated yen-buying intervention, the first joint action by the two governments in 15 years.

"We will take resolute measures against disorderly movements, and that will be carried out. We are ready to do so at any time," she said, leaving open the possibility of additional intervention depending on how the yen moves.

The last joint intervention between Tokyo and Washington came in 2011, in the aftermath of the Great East Japan Earthquake.

This time, the yen had been sliding toward the psychologically significant ¥164 line to the dollar, touching its weakest level in roughly 39 years and eight months in late July.

Following the coordinated intervention, the yen surged in New York trading on July 31, briefly touching the ¥157 range.

Earlier that morning, a statement released under Katayama's name confirmed the joint intervention, saying it was aimed at "addressing the excessive volatility and disorderly movements recently seen in the yen," signaling a firm stance against speculative yen-selling.

Asked about the outlook, Katayama declined to elaborate further, saying only, "I would ask that you draw your own conclusions from what both sides have stated officially."

US Treasury Secretary Scott Bessent had earlier posted on X that Washington would "not hesitate to participate in further joint intervention."

Katayama described the significance of the joint action in terms of the broader alliance, saying it would "lead to an unshakeable alliance between Japan and the United States through economic security between the two countries."

On the overnight intervention carried out late on July 30 Japan time, she declined to comment further.

Yen Surges More Than ¥6 in a Week

By the morning of August 3 Japan time, the yen was trading in the ¥155 range against the dollar, with markets on alert for further action after the surprise joint intervention.

One foreign exchange broker cautioned that "trading is likely to remain jittery for some time."

Trump Calls the Move a 'Sign of Friendship'

Speaking to reporters aboard Air Force One on August 2, President Donald Trump said Japan has "a weakening yen, and they wanted a little bit of help. And we're always there for Japan." He added that "Japan's been very good to us, with the exception, of course, of Pearl Harbor," and argued the move would benefit both economies as well as the wider global economy. He summed it up by saying "more than anything else, it was a signal of friendship."