Washington and Tokyo have confirmed a coordinated move to support the yen, marking the first time since 1998 that the two governments have bought the Japanese currency together. President Donald Trump announced the action, calling it "a sign of friendship" towards Japan and citing the "excellent relations" between the two countries.
According to the Financial Times, as reported by [Sky TG24](https://tg24.sky.it/mondo/2026/08/03/giappone-usa-yen-intervento), the Federal Reserve Bank of New York made the unusual move of selling euros to buy yen in recent days, acting on behalf of the US Treasury. The intervention followed July's slide of the yen to 163.24 against the dollar, its weakest level since 1986, under pressure from higher US interest rates, rising oil prices and persistent capital outflows.
Analysts cited by the Financial Times estimate Japan's intervention could total ¥8.45 trillion (about $52.8 billion), while Tokyo's Nikkei newspaper puts the figure between ¥6 trillion and ¥7 trillion. As [Al Jazeera](https://www.aljazeera.com/economy/2026/8/3/japan-and-us-confirm-rare-joint-intervention-to-prop-up-yen) and [CNBC](https://www.cnbc.com/2026/08/03/yen-intervention-us-japan-trump-bessent-katayama.html) note, it is the first coordinated intervention since 2011 and the first joint yen purchase since 1998.
Japanese Finance Minister Satsuki Katayama said the action countered "excessive volatility and disorderly movements" of the yen, while Vice Finance Minister Atsushi Mimura described the operation as "the culmination of the currency alliance" between the two countries. Treasury Secretary Scott Bessent voiced full support for the "decisive" measures of the Japanese government to correct what he called the "substantial undervaluation" of the yen, praising the economic revival programme launched by Prime Minister Sanae Takaichi. The joint statement issued by the two governments is reported by [Nippon.com](https://www.nippon.com/en/news/yjj2026080300142/).
Trump said the United States would draw a "financial benefit" from the initiative with Tokyo, which he called "positive for the world economy", while insisting that "more than anything, it was a sign of friendship". Bessent added that Washington would do "whatever it takes" to support Japan's efforts to stabilise the currency, drawing a parallel between the risks facing Asia and the region's financial crisis of the late 1990s.
Sources
- [Sky TG24 – Giappone e Usa, intervento congiunto a sostegno dello Yen](https://tg24.sky.it/mondo/2026/08/03/giappone-usa-yen-intervento)
- [Al Jazeera – Japan and US confirm rare joint intervention to prop up yen](https://www.aljazeera.com/economy/2026/8/3/japan-and-us-confirm-rare-joint-intervention-to-prop-up-yen)
- [CNBC – Yen intervention: US, Japan confirm intervention](https://www.cnbc.com/2026/08/03/yen-intervention-us-japan-trump-bessent-katayama.html)
- [Nippon.com – Japan, US Announce Joint Yen-Buying Intervention](https://www.nippon.com/en/news/yjj2026080300142/)
