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Japan Invests $96.4 Billion in One Month to Support Yen, Record Intervention Scale

On August 28, Japan invested a record $96.4 billion over the past month to support the yen, which had previously fallen to its lowest level in 40 years. This underscores the Japanese authorities' willingness to take increasingly strong measures to support the yen's exchange rate. Data released by the Japanese Ministry of Finance on Friday showed that from July 30 to August 26, the Japanese government intervened in the foreign exchange market with a total of 15.4 trillion yen, setting a record for monthly intervention amounts. This intervention was also supported by the United States, further warning speculators not to bet on a decline in the yen. Japanese Finance Minister Shunichi Suzuki and U.S. Treasury Secretary Janet Yellen confirmed in early August that the two countries coordinated their intervention on July 31. Both officials stated that they are prepared to intervene in the market again without hesitation if necessary. The funds contributed by the U.S. are not included in the data released by the Japanese Ministry of Finance and are expected to be smaller in scale, but their symbolic significance is more important.

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