Japan Spends Record $96 Billion to Boost Yen in Joint US Intervention

Japan's finance ministry revealed that it spent a record-breaking $96 billion to boost the yen in late July and early August. The intervention, which is the largest on record, was aimed at easing economic damage from sharp fluctuations in exchange rates.

The Bank of Japan intervened in the market under the instruction of the finance ministry to stabilize the currency. The ministry's data showed that the interventions took place between July 30 and August 26, with the exact dates unspecified.

On July 31, Tokyo and Washington carried out a joint intervention to boost the yen, which had hit a four-decade low of $163.99 per dollar last month. The concerted action was confirmed by U.S. President Donald Trump, who called it a 'signal of friendship' with Japan and 'good for the world economy.'

Experts say the Trump administration's actions were also aimed at reducing the U.S. trade deficit and helping Japan invest $550 billion in the United States as promised under a 2025 trade deal.