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USD Drop Allows Japan's Ministry of Finance to Intervene in JPY Market

Guavy AI Editorial Team
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USD JPY
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Rabobank's Senior FX Strategist Jane Foley notes that Japanese authorities benefited from the post-FOMC US Dollar (USD) drop, which eased pressure on the Japanese Yen (JPY).

The decline in USD value after the July 29 Fed meeting allowed Japan's Ministry of Finance to intervene in USD/JPY, amplifying the move. This intervention came as a result of the unwinding of speculative long USD positions that had built up before the FOMC meeting.

CFTC data shows that long USD positions reached their highest levels since September 2024 in the approach to the July 29 Fed meeting. The subsequent decline in USD was accentuated by Japan's Ministry of Finance intervention.

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