Odaily Planet Daily report: Over the past month, Japan has spent a record $96.4 billion to support the yen, following its decline to a 40-year low. This underscores the Japanese authorities' willingness to adopt increasingly forceful measures to bolster the yen’s exchange rate. Data released by Japan’s Ministry of Finance on Friday showed that between July 30 and August 26, the government intervened in the foreign exchange market with a total of 15.4 trillion yen—the highest monthly intervention amount on record.
This intervention was also supported by the United States, further warning speculators not to bet against the yen. Japan’s Minister of Finance, Katsunobu Kato, and U.S. Treasury Secretary Bessent confirmed in early August that the two countries had coordinated intervention on July 31. Both officials stated they are prepared to re-enter the market without hesitation if necessary. The funds contributed by the United States were not included in the data released by Japan’s Ministry of Finance; while the scale is expected to be relatively small, its symbolic significance is greater. (GoldTen)