The United States and Japan conducted currency intervention to…

The United States and Japan conducted currency intervention to support the yen.

Consensus

The United States and Japan conducted a joint currency intervention for the first time in 15 years.
The intervention aimed to stabilize and strengthen the Japanese yen.
The yen had reached its weakest level against the dollar since 1986.
The intervention led to a 1.4% increase in the yen's value against the dollar.
The U.S. and Japan agreed to act together if necessary in the future.
The intervention was driven by a widening interest rate gap between the U.S. and Japan.
Japan spent over $50 billion on the intervention, with the U.S. contributing $5–10 billion.
The intervention occurred in late July 2024, with official confirmation on August 3.

The U.S. spent between $5 and $10 billion, based on a leaked notebook of Scott Bessent. — thebell
Japan spent 5.3 trillion yen ($34 billion) on July 31, and 8.45 trillion yen on July 30, according to Bloomberg analysis. — interfax
The U.S. spent $5–10 billion, according to a leaked notebook of Scott Bessent. — interfax
Japan sold nearly $59 billion on July 30 to buy yen. — vedomosti
Scott Bessent held a notebook with a note to buy yen for $5–10 billion during a cabinet meeting. — vm
Scott Bessent held a notebook with the same note during a cabinet meeting. — kommersant
The intervention was politically motivated, as a response to Trump’s complaints about Japanese exporters’ advantages. — thebell
The intervention may not sustain long-term yen strength without a rate hike, possibly in September. — thebell
The U.S. and Japan are prepared for 'resolute opposition' to excessive yen weakness. — interfax
Japan and the U.S. are ready to act decisively against yen weakness. — vesti
The yen reached its lowest level since July 2024 in January 2026, which contradicts other reports of July 2024. — vesti