US Treasury Secretary Scott Bessent declared on September 9 at Southern Methodist University that currency traders betting against the yen would now face the combined resources of the US and Japanese governments. This statement follows the first coordinated US-Japan yen-buying operation in nearly three decades, executed on July 31, 2026 through the sale of euros via Goldman Sachs and Morgan Stanley. Japan subsequently deployed approximately $98.7 billion to stabilize its currency, a historic record for its foreign exchange interventions. The foreign exchange market trades approximately $7.5 trillion daily according to the Bank for International Settlements, making even record-setting intervention campaigns difficult to sustain against market flows.
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