The United States and Japan carried out on August 1 their first coordinated currency intervention in roughly 15 years, with the Federal Reserve Bank of New York selling euros rather than dollars to purchase yen in the open market. The yen was trading near 40-year lows around 163.99 to 164 per dollar. Treasury Secretary Scott Bessent had indicated the purchase could range between $5 billion and $10 billion, though the final transaction size has not been officially disclosed. The operation pushed the yen up more than 1% against both the dollar and the euro, with Japanese officials stating they remain ready to act again if currency volatility persists.
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