US-Japan Coordination Fails to Reverse Yen's Depreciation Trend
The US and Japan have coordinated an effort to stabilize the yen, which has been weakening against the USD. This is not the first time Tokyo has intervened in the market, but it's a sign that the situation is becoming increasingly systemic.
A Japanese official revealed that discussions about possible US involvement had begun as early as January 2026. The New York Federal Reserve (New York Fed) even conducted a rare survey of interest rates to help monitor selling pressure on the yen.
The intervention effort was led by Atsushi Mimura, Japan's top foreign exchange official. He coordinated with his American counterparts and limited public appearances to avoid market prediction.
Market experts estimate that the recent operation involved around 5 trillion yen (US$31.9 billion) in buying the yen on August 1st.