US and Japan Team Up to Support Yen, Crypto Markets Take Notice

The US and Japan jointly intervened in the foreign exchange market on July 31 for the first time since 2011. The two countries coordinated yen-buying action to support the Japanese currency, which had been sinking to 40-year lows.

The intervention saw Japan injecting an estimated $53-59 billion into forex markets through yen purchases, while the US participated through direct yen buys facilitated by the New York Fed.

This move marks a rare moment of currency cooperation between the two countries. The last time they coordinated on yen intervention was March 2011, following the devastating earthquake and tsunami that rocked Japan.