Lagarde Confirms US $500M Intervention in Yen Support

European Central Bank President Christine Lagarde revealed at a press conference in Berlin that the U.S. financial authorities carried out a foreign exchange intervention worth 500 million euros on July 31 to prop up the yen.

Lagarde initially declined to comment on any foreign exchange intervention, but later disclosed the size of the euro-selling, yen-buying intervention.

The Financial Times reported that the U.S. side had not notified the ECB in advance of the selling of euros conducted on July 31.