Japan, U.S. intervened in currency market for 1st time in 15 years

TOKYO, Aug. 3 (Xinhua) -- Japan and the United States have conducted a coordinated yen-buying intervention in the currency market, Finance Minister Satsuki Katayama said Monday, the first such move in 15 years.

The joint action on Friday during New York trading came after the yen hit 163.99 to the U.S. dollar on July 23, its weakest level in around 40 years.

The intervention was taken pursuant to the U.S.-Japan Finance Ministers' Joint Statement issued in September 2025 and countered the excessive volatility and disorderly movements of the Japanese yen in recent months, Katayama said in a statement on Monday.

"The Japanese Ministry of Finance remains attentive and in close communication with our counterparts at the U.S. Treasury. We will not hesitate to conduct a further joint intervention," she added.

In New York on Friday, the yen surged to the lower 157 level against the U.S. dollar, with Japanese government sources confirming a foreign exchange market intervention by currency authorities, Kyodo News reported.

Yen-buying picked up overnight during New York trading Thursday, with the currency briefly soaring to the upper 157 range against the U.S. dollar, hitting its strongest level since mid-May, gaining nearly 5 yen in about 50 minutes before dropping back to the 160 level.