Confirmed dollar-selling, yen-buying intervention in 2026 exceeded ¥27 trillion, setting a new annual record. As attention turns to the capacity to counter yen depreciation, discussion continues over the possibility of further intervention and reinforcement measures.
Japan's monetary authorities are said to have conducted more than ¥27 trillion in confirmed dollar-selling, yen-buying intervention in 2026, exceeding the previous annual record of ¥20 trillion set in 2003. Compared with past intervention, this is also well above the ¥15 trillion record recorded in 2024. The intervention is said to have been aimed at preventing yen depreciation, and the new record suggests a situation in which the limits of the capacity for intervention are likely to attract attention.
The view has been expressed that “if necessary, intervention could potentially be expanded to ¥30 trillion or more.” If yen depreciation continues, the intervention amount could rise further. The previous high was ¥20 trillion in 2003, but that intervention continued through March of the following year as a series of measures, reaching a cumulative ¥35 trillion. Against this backdrop, some believe that expansion beyond ¥30 trillion could also be considered this time, depending on circumstances.
Consideration is reportedly being given to issuing “Sanae Bonds” as a measure to reinforce foreign-currency-selling intervention. Foreign-exchange reserves have fallen by more than US$200 billion from US$1.4106 trillion at the end of February 2026. If reserves were to fall below US$1.1 trillion, longer-term reinforcement measures could come under discussion. Historically, the issuance of foreign-currency-denominated bonds was considered in the mid-1980s as a measure to address prolonged yen depreciation, and the bonds became known as “Nakasone Bonds.” Against this background, “Sanae Bonds” issued in the name of Prime Minister Takaichi could potentially be discussed as a realistic option.
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