A record ¥7.9756 trillion yen-buying intervention was conducted in a single day on 30 July, and coordinated intervention by Japan and the US was announced on 31 July. The intervention was assessed as part of activity spanning 3 days, with market reactions continuing from August onward.
On 30 July 2026, large-scale yen-buying intervention, including coordinated intervention by Japan and the US, was conducted, reaching a record ¥7.9756 trillion for a single day. According to the Ministry of Finance, total intervention from 30 July to 26 August amounted to ¥15.3993 trillion, including intervention over 3 days.
On 31 July, coordinated intervention by Japan and the US was announced. Reportedly, based on US Eastern Time, coordinated intervention had not occurred for 28 years since 1998, while coordinated intervention by Japan and the US specifically had not occurred for 15 years since the 2011 earthquake. The Ministry of Finance explained that the coordinated intervention was a measure based on the joint statement of September 2025 and indicated that it would not hesitate to undertake further coordinated intervention.
From August onward, the Ministry of Finance's monthly disclosures showed zero intervention from 27 August to 28 October. Foreign-exchange reserves, which provide the basis for intervention, stood at $1.1791 trillion at the end of October, down approximately $230 billion from $1.4107 trillion at the end of February. Much of the intervention scale includes holdings of dollar assets and the effects of other currencies.
Looking ahead for the dollar-yen exchange rate, vigilance around ¥160 is increasing while the interest-rate differential remains. Selling is concentrated in the high ¥158 range in the order book, while buying around ¥158 is expected to provide support. Short-term sharp volatility is expected to remain a concern depending on developments involving the Ministry of Finance, the BOJ and the Federal Reserve.