Japan’s Finance Minister Satsuki Katayama offered traders exactly nothing on July 31, declining to confirm or deny whether Tokyo stepped into currency markets to prop up the yen. Her response to intervention speculation: “I can say nothing about it at this point.” Comments, she indicated, would come on Friday.
The yen had briefly surged to around 157 per US dollar after spending much of July languishing near 163-164, levels not seen since 1986.
The intervention question and Japan’s $73.5 billion playbook
From late April to late May 2026, Tokyo executed a historic yen-buying campaign worth approximately ¥11.73 trillion, roughly $73.5 billion. That was the largest intervention effort in recent memory, designed to arrest a freefall that had pushed the yen to 40-year lows.
By July, the yen had drifted back toward the danger zone, prompting Katayama to issue what amounted to a verbal warning shot on July 23.
