Japan and United States coordinate yen intervention to curb currency slide FAST-MOVING
Japanese Finance Minister Satsuki Katayama is set to announce that Tokyo and Washington have taken joint action in the foreign‑exchange market to halt the yen’s slide to 40‑year lows. The coordinated effort, the first since the 2011 Great East Japan earthquake, involved yen‑buying and dollar‑selling operations in New York, with the New York Federal Reserve selling euros to buy yen on behalf of the U.S. Treasury. U.S. Treasury Secretary Scott Bessent, who described the yen as “very undervalued,” kept a to‑do note to purchase $5‑10 billion of yen. Banks were asked to conduct “rate checks” on the yen‑euro rate and were warned to stand ready for further action. Japan is estimated to have spent about ¥8.45 trillion (≈ $52.8 bn) on a single‑day intervention, the largest on record. Following the moves, the yen rose more than 1 % against both the dollar and the euro, reaching around ¥157 per dollar – its strongest level since early May.
Entities: Bank of Japan · Japan · Japanese yen · New York Federal Reserve · Satsuki Katayama · Scott Bessent · U.S. dollar · United States · United States Treasury
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 11 SOURCES] Following the intervention, the yen rose more than 1 % against both the dollar and the euro. (2ecd65be-c8c1-48ec-bbcf-e62e11d7d5db, 1d32e90b-d1b5-4165-bf8c-20a695565dda)
- [● 11 SOURCES] U.S. Treasury asked banks to conduct “rate checks” on the yen‑euro exchange rate during the intervention. (2ecd65be-c8c1-48ec-bbcf-e62e11d7d5db, 1d32e90b-d1b5-4165-bf8c-20a695565dda)
- [● 10 SOURCES] The New York Federal Reserve sold euros to buy yen on behalf of the U.S. Treasury during the intervention. (2ecd65be-c8c1-48ec-bbcf-e62e11d7d5db, 1d32e90b-d1b5-4165-bf8c-20a695565dda)
- [● 12 SOURCES] Japan spent an estimated ¥8.45 trillion (≈ $52.8 bn) on a single‑day yen intervention on 30 July, its largest on record. (2ecd65be-c8c1-48ec-bbcf-e62e11d7d5db, 1d32e90b-d1b5-4165-bf8c-20a695565dda)
- [● 11 SOURCES] The 31 July joint intervention was the first US‑Japan foreign‑exchange cooperation since the 2011 Great East Japan earthquake. (2ecd65be-c8c1-48ec-bbcf-e62e11d7d5db, 1d32e90b-d1b5-4165-bf8c-20a695565dda)
- [● 11 SOURCES] Japanese Finance Minister Satsuki Katayama participated in the yen intervention. (d3226f61-a2cb-4045-a9ac-61326da6b4fb, 0425ebb2-b88a-4f68-971b-0782b28ab184)
- [● 13 SOURCES] U.S. Treasury Secretary Scott Bessent was involved in the intervention, with a to‑do list to buy $5‑10 bn of yen. (d3226f61-a2cb-4045-a9ac-61326da6b4fb, 0425ebb2-b88a-4f68-971b-0782b28ab184)
- [● 12 SOURCES] The United States and Japan executed a coordinated yen intervention on 31 July 2024, pushing the yen to around ¥157 per dollar, its strongest level since early May. (2ecd65be-c8c1-48ec-bbcf-e62e11d7d5db, 1d32e90b-d1b5-4165-bf8c-20a695565dda)