Japan and the US Carry Out a Rare Joint Intervention to Defend the Yen

• ▸Japan's Ministry of Finance confirmed on August 3 that it bought yen in coordination with the US Treasury on July 31 — a rare joint intervention carried out under the two countries' September 2025 currency framework.
• ▸Both governments said the move addressed "excessive volatility and disorderly movements" in the yen and signaled they are ready to intervene jointly again if conditions warrant it.
• ▸Japan said it will also start drawing on the Federal Reserve's FIMA Repo Facility, letting it borrow dollars against its US Treasury holdings instead of selling them outright to fund future interventions.