The Ministry of Finance announced that it had conducted a record ¥15.3993 trillion in foreign-exchange intervention over the one-month period from the end of July through the 26th. The intervention was conducted jointly by Japan and the United States to address excessive yen volatility.
The Ministry of Finance announced that the total foreign-exchange intervention conducted from the end of July through the 26th of this month amounted to ¥15.3993 trillion. This was the largest amount ever reported on a monthly basis.
The intervention during this period exceeded the ¥11.7349 trillion in dollar-selling, yen-buying intervention conducted from 4/30 to 5/6.
On 31 July, Japan and the United States conducted coordinated yen-buying intervention, U.S. Eastern Time, to address excessive volatility in the foreign-exchange market.
Following the intervention, the yen strengthened by approximately ¥3 from the upper ¥160 range against the dollar in the foreign-exchange market, according to some market estimates. Market participants also pointed to an instance in which the yen, trading at the upper ¥162 range per dollar on the night of the 30th Japan time, strengthened by nearly ¥5 in about one hour.