The World · Sunday, 2 August 2026
US and Japan buy yen together for the first time since 1998
The US Treasury stepped in alongside Japan on Friday to support the yen, which had weakened on Thursday to 164 against the dollar, its weakest level since 1986. Treasury Secretary Scott Bessent confirmed the operation and said Washington would not hesitate to take part in further joint intervention, while Japan's finance ministry described the move as a response to excessive volatility and disorderly movements. The yen firmed to 157.58 on Friday and briefly to 155.23 on Monday; the pressure comes from the rate gap, with the Bank of Japan's policy rate raised to 1 percent in June against the Federal Reserve's 3.5 to 3.75 percent.