US-Japan coordinated yen intervention 2026
One page that accretes the verified record as the story develops. Every fact keeps its date and its sources.
Yen appreciation and carry-trade currency alternatives
Treasury Secretary Scott Bessent warned speculators about betting against the yen.
The federal funds target range is 3.50% to 3.75%.
The Japanese yen has appreciated around 6% against the dollar since late July.
Treasury Secretary Bessent dares traders to bet against yen
U.S. Treasury Secretary Scott Bessent said he has insight into what the Bank of Japan and Japanese policymakers will do regarding yen intervention.
Scott Bessent is a former hedge fund executive who made his name with outsized currency wagers.
Scott Bessent invited traders to bet against him on yen intervention.
Volatile yen risks confused global markets, Japanese shipping chairman says
Hashimoto said a yen range of 150-155 to the U.S. dollar would be comfortable.
The yen was recently trading around 153.
Takeshi Hashimoto is the Chairman of Mitsui OSK Lines.
Japan foreign reserves drop record $80 billion after yen intervention
Japan has spent a combined 27.1 trillion yen on interventions so far this year, the largest yearly amount ever.
Masahiko Loo of State Street Investment Management said the decline in foreign reserves is primarily due to Japan's dollar-selling, yen-buying FX interventions.
August marked the fourth consecutive month of decline for Japan's foreign reserves.
Yen jumps to one-month high on intervention speculation
The Bank of Japan will make its next monetary policy decision on Sept. 18.
The U.S. confirmed it participated in a coordinated effort to buy yen in late July.
The yen reached a one-month high against the U.S. dollar.
“But I do not think [the Ministry of Finance] has done this kind of small stealth intervention in recent history. So it is probably just a reaction to BOJ Governor Ueda's comment cementing the high likelihood of a BOJ rate hike in September,”
Bessent attacks Warren over yen intervention query
Bessent was responding to an Aug. 13 letter from Warren regarding Treasury's decision to sell euros from its Exchange Stabilization Fund and purchase yen.
Bessent stated that Treasury exchanged existing Exchange Stabilization Fund foreign-currency assets for yen and that no credit was extended to Japan.
Japan spent 15.4 trillion yen, or about $96.5 billion, supporting its currency between July 30 and Aug. 26.
“His effort to prop up a foreign currency hasn't worked. His failed intervention in Treasury markets was blasted by his mentor as burning 'two centuries' of credibility. Trump's economy is crushing families. Maybe he should focus on that.”
Japan's yen intervention turbo-charges carry trade
Ashwin Binwani said he re-established dollar yen long positions just above 157 after exiting them upon news of the U.S.-backed intervention.
Francis Tan said the intervention only addressed a symptom but is not curing the disease.
The yen strengthened from around 164 per dollar before the intervention to roughly 155, but has since weakened back toward 159 against the dollar.
“The market is far less one-sided than before the intervention, but the incentives to fund in yen remain attractive while U.S.-Japan rate differentials stay wide,”
U.S. and Japan confirm coordinated yen intervention
The yen was trading at 157.70 per dollar on Monday.
U.S. Treasury Secretary Scott Bessent confirmed the coordinated foreign exchange action.
Robin Brooks said the coordinated intervention could ultimately weaken rather than strengthen confidence in the yen.