#YenIntervention

About YenIntervention

After Japan and Korea sold dollars to defend their currencies on July 30, sending USD/JPY down 2.6% in a day, the escalation continues. BOJ data implies intervention of about 8.45 trillion yen, potentially a record single-day FX move. Sources say the US Treasury told banks via the NY Fed on July 31 to "stand ready for further action," and the FT reported the NY Fed bought yen on Treasury's behalf. Direct US intervention for another nation's currency is extremely rare.