Bank of Japan (BOJ) Governor Kazuo Ueda gestures as he speaks during a press conference at the bank's headquarters in Tokyo, Japan, 28 April 2026. Photo by FRANCK ROBICHON/ EPA
Aug. 2 (Asia Today) -- The United States has joined Japan in intervening in foreign exchange markets to support the yen, marking the first coordinated yen-buying operation by the two countries since 1998.
The Federal Reserve Bank of New York purchased yen on behalf of the U.S. Treasury on Friday as Japanese authorities carried out their own large-scale intervention, according to reports by the Financial Times and Reuters.
The dollar closed at 157.40 yen in New York on Friday, the yen's strongest level against the dollar since early May. The exchange rate had traded above 162 yen before the interventions.
The Financial Times reported that the New York Fed sold euros and bought yen through Goldman Sachs and Morgan Stanley, citing three people familiar with the transactions. The newspaper did not disclose the amount purchased by the United States.
