US and Japan Conduct First Joint Yen Intervention Since 1998

Key facts

• Japan's Ministry of Finance confirmed a coordinated yen-buying operation with the U.S. Treasury on Friday.
• The intervention was the first joint move to support the yen since 1998.
• The yen had fallen to near 164 per dollar late last month, its weakest in about four decades.
• The currency strengthened to 157.57 on Friday and traded around 157 per dollar on Monday.
• Bank of Japan data suggested the total cost of Friday's operation could have reached $36.58 billion.
• Japanese Finance Minister Satsuki Katayama said the operation addressed 'excessive volatility and disorderly movements' and cited the U.S.-Japan Finance Ministers' Joint Statement from September 2025.
• U.S. Treasury Secretary Scott Bessent confirmed the action and said Washington 'will not hesitate to participate in further joint intervention.'
• President Donald Trump said the U.S. joined as a gesture of support and a signal of friendship.
• Japan's top currency diplomat Atsushi Mimura called the joint action 'the culmination of Japan's alliance with the United States.'
• Japan plans to use the Federal Reserve's Foreign and International Monetary Authorities repo facility for short-term dollar funding.
• The previous joint yen-buying effort was in 1998 during the Asian financial crisis; in 2011, they coordinated to push the yen lower after the Fukushima disaster.