Japan has spent roughly $96B defending the yen in 2026, yet the currency keeps testing 160 per dollar amid rate differentials and import cost

The US and Japan executed their first joint yen-buying intervention since 1998, spending up to $85B to slow the yen's decline to a 40-year low

Japan spent a record 15.4 trillion yen on foreign exchange intervention last month, surpassing its previous single-month benchmark as the yen

This year has seen two rounds of currency support measures totaling a record $170bn