The Japanese yen reached its strongest level since February 2026, appreciating approximately 3.3% against the US dollar over five trading sessions in early September, settling between 152.89 and 154 yen per dollar. Japan’s Ministry of Finance intervened to the tune of 15.4 trillion yen, roughly 99.6 billion dollars, between late July and late August, supported by the US Treasury which spent an estimated 5 to 10 billion dollars in an unusually direct form of bilateral coordination. The Bank of Japan’s September 22 meeting has become the most-watched event for market participants, with a potential rate hike likely to validate the current rally. For Japanese exporters such as Toyota and Sony, a stronger yen reduces the converted value of their foreign revenue.
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