Story perspectives

US Treasury, Japan Spend $10 B Buying Record Yen

8/1/2026

Summary

Story summary

On July 30-31 2026 U.S. Treasury and Japanese authorities intervened in foreign-exchange (FX) markets by buying yen and selling dollars.
Treasury Secretary Scott Bessent directed a $5-10 billion yen purchase.
Japanese officials spent ¥8.45 trillion, the largest single-day yen purchase on record.
At New York close on July 31 2026 the yen quoted 157.40 per dollar, its strongest since early May.
The Treasury, through New York Federal Reserve, warned banks it might intervene in the yen market.

History

Historical Context

September 1985 the United States, Japan, West Germany, France and the United Kingdom signed the Plaza Accord, pledging to sell dollars and lifting the yen from ¥238 per $1 to ¥165 in 1986. The deal proved coordinated FX action could shift trade balances. In July 2026 Treasury Secretary Scott Bessent and Japanese officials bought ¥8.45 trillion of dollars to curb a strong dollar.

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Story summary

On July 30-31 2026 U.S. Treasury and Japanese authorities intervened in foreign-exchange (FX) markets by buying yen and selling dollars.
Treasury Secretary Scott Bessent directed a $5-10 billion yen purchase.
Japanese officials spent ¥8.45 trillion, the largest single-day yen purchase on record.
At New York close on July 31 2026 the yen quoted 157.40 per dollar, its strongest since early May.
The Treasury, through New York Federal Reserve, warned banks it might intervene in the yen market.

1 / 2