Japan and South Korea conducted a coordinated currency intervention on July 30, the first such joint action since the 2011 Tohoku earthquake. Japan’s Ministry of Finance bought yen while South Korean authorities sold dollars to prop up the won. The yen surged more than 3% intraday to approximately 157.8 per dollar, its best single-day performance in nearly two years. The won climbed about 2%, reaching a nine-month high. Japan had already spent over $73 billion in intervention funds earlier in 2026 defending its currency.
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