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Yen Drops to ¥159.35 After $87B Intervention

8/15/2026

29 4 Full Breakdown

Summary

Story summary

The yen fell to ¥159.35 per dollar on Friday, the biggest weekly loss since May after a U.S.–Japan intervention.
Bloomberg estimates Japan spent $34 billion on July 31 and $53 billion the day before, a possible record single-day spend.
Pricing shows a 76% chance of a 25-basis-point Bank of Japan hike in September, up from 24% on July 30, and a quarter-point rise by October.

History

Historical Context

In July 1998 the Japanese Ministry of Finance spent about $10.5 billion on yen-intervention while the Bank of Japan raised short-term rates, a response to the deflationary spiral that began in the early 1990s. The same scale of foreign-exchange buying reappeared in July 2024 as the yen fell to ¥159.35 per dollar, prompting the Bank of Japan and the United States Treasury to coordinate market support.

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Story summary

The yen fell to ¥159.35 per dollar on Friday, the biggest weekly loss since May after a U.S.–Japan intervention.
Bloomberg estimates Japan spent $34 billion on July 31 and $53 billion the day before, a possible record single-day spend.
Pricing shows a 76% chance of a 25-basis-point Bank of Japan hike in September, up from 24% on July 30, and a quarter-point rise by October.

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