Intervention total
¥15.3993T
July 30–Aug. 26 · record monthly period
Japan’s $96.5 Billion Yen Intervention Loses 61% of Initial FX Gain
Japan committed a record $96.5 billion to support the yen. The currency has already surrendered most of the intervention’s first surge.
FX intervention · Japan
Record spending, partial relief
Tokyo established a line near ¥164. The rate gap keeps pulling USD/JPY back toward 160.
Market snapshot
Aug. 28, 2026 · 12:30 EDT
Aug. 28, 2026 · 12:30 EDT
Dollar / yen
160.06
USD +0.42% today
Initial FX range
163 → 155.20
About 4.8% yen rebound
Gain retraced
≈61%
USD/JPY rebound from the post-action low
Intervention impact: sharp shock, weak persistence
USD/JPYstrongest yen pointlatest
The first move removed ¥7.80 from USD/JPY. Roughly ¥4.86 has returned.
Why the pressure returned
Policy rateJapan1.00%low carry cost
Policy rateU.S.3.75%dollar support
Rate gapU.S.–Japan275 bpcarry incentive
BOJ Sep. hike oddsmarket65%next pivot
Pricing shows tightening expectations, but not certainty.
U.S.-listed transmission
FXY · Yen trust$57.27−0.41%104.7K volume
EWJ · Japan, unhedged$95.78−0.06%1.76M volume
DXJ · Japan, hedged$180.05+0.50%101.8K volume
UUP · Bullish dollar$28.14+0.43%672.1K volume
DXJ beat EWJ by about 0.56 percentage point intraday. That spread is the cleanest equity-market read on continuing yen weakness.
Policy timeline
Apr. 30–May 6¥11.7349T bought across three operations.
Jul. 30–31Japan buys yen; rare U.S. coordination.
Aug. 28MOF reports ¥15.3993T total for latest period.
SeptemberBOJ meeting becomes the durability test.
Investor watchpoints
164Visible intervention zone
155.20Post-action yen peak
1.25%Possible BOJ rate after 25 bp hike
Upside yen risk: faster BOJ tightening, another coordinated operation, lower U.S. yields.
Downside yen risk: sticky rate gap, higher oil, renewed dollar strength.
Sources: Japan Ministry of Finance, Reuters, Trading Economics, U.S. market quotes. Prices and volumes timestamped Aug. 28, 2026, approximately 12:14–12:30 p.m. EDT. Market values can change continuously.
TechStock² Updates
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