Japan-US Intervene in Yen Market for Record $96 Billion

The Bank of Japan has intervened in the foreign exchange market to boost the yen, spending a record $96 billion between late July and late August. The finance ministry released data showing that this is the largest monthly intervention on record.

The yen has been weakening due to differences in interest rates between Japan and the US, high oil prices, and concerns over Prime Minister Sanae Takaichi's spending plans, which have added to Tokyo's already substantial debt.

The joint operation with the US was the first since 1998, when they last bought yen. The two countries also intervened in 2011 after a major earthquake, but that time they sold yen to prevent it from rising.