U.S. Conducts 500M Euro Yen Intervention on July 31

The European Central Bank President Christine Lagarde revealed that the U.S. financial authorities conducted a foreign exchange intervention worth 500 million euros on July 31 to prop up the yen.

Lagarde made this disclosure at a press conference in Berlin, where she refused to comment on any foreign exchange intervention of any kind.

The British daily Financial Times reported that the U.S. side had not notified the ECB in advance of the euro-selling, yen-buying intervention, which was part of a coordinated action with Japan to shore up the yen.