US government bought 79.4 bil. yen in forex intervention in July: NY Fed
WASHINGTON (Kyodo) -- The U.S. government sold euros and bought 79.4 billion yen ($497 million) in a coordinated currency market intervention with Jap
On July 31, the U.S. government and Japanese authorities jointly intervened in the foreign exchange market to support a weakening yen. The Federal Reserve Bank of New York reported that the U.S. government purchased 79.4 billion yen ($497 million) against the sale of euros. This intervention aimed to counter what the U.S. Treasury deemed as disorderly moves in the Japanese yen.
The coordinated operation was the first of its kind between Japan and the U.S. since 1998, during the peak of the Asian financial crisis. The New York Fed highlighted that the move was made without the need for congressional approval. President Donald Trump had previously expressed support for Japan's efforts, stating that they needed help due to their weakening yen.
The joint intervention, along with U.S. Treasury Secretary Scott Bessent's advocacy for sound monetary policy, contributed to the yen strengthening to the 152 level against the dollar in early September. Since then, the yen has weakened to around the 160 level.
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- US Treasury bought yen in July; Fed made no solo FX interventions in Q3 channelnewsasia.com
