Japan Spends Record $96 Billion to Boost Yen

Japan has spent a record 15.4 trillion yen ($96 billion) in yen-buying operations over the past month to stem its currency's slide. This amount exceeds the previous monthly record of 11.73 trillion yen set in April and May this year, according to data from the Finance Ministry.

The intervention was prompted by a surge in the U.S. dollar on July 23, which rose to 163.99 yen, its highest level in around 40 years. The Japanese government stepped into the market on July 30, and followed it up with another operation conducted jointly with U.S. authorities during New York trading hours on July 31.

The joint intervention was a coordinated move between Japan and the U.S., marking the first such action in 15 years. The yen has remained under pressure due to concerns over Japan's fiscal health, particularly Prime Minister Sanae Takaichi's aggressive fiscal spending plans with no clear funding mechanism.