Yen strengthens to low 155s after joint intervention disclosed

2026-08-03

Yen briefly rises to low 155s

In the Tokyo foreign exchange market on the 3rd, the yen briefly rose to the low 155s against the dollar. That was the strongest yen and weakest dollar level since early May. It ended the previous week in the low 157s, and caution over additional intervention persisted after it became clear that the governments of Japan and the U.S. had carried out coordinated currency intervention on July 31.

Japan and U.S. hint at more intervention

The yen also rose against the euro, briefly hitting the mid-179s. That was the strongest yen and weakest euro level since November 2025.

Around 7 a.m., U.S. President Donald Trump said of yen-buying intervention, 'We always support Japan.' Nervous trading continued after that, but buying of the yen intensified from around 9:30 a.m., pushing the market sharply higher.

Finance Minister Satsuki Katayama said on the 3rd that Japan had carried out yen-buying intervention in coordination with the U.S. Treasury Department on July 31, U.S. Eastern time. She said it was to address excessive fluctuations and disorderly moves in the yen, adding, 'We would not hesitate to carry out further coordinated intervention.'

U.S. Treasury Secretary Bessent also posted on X, formerly Twitter, 'We would not hesitate to participate in further coordinated intervention.' The move is seen as aimed at checking yen selling by signaling possible additional intervention.

Market estimates show intervention worth 6 trillion to 7 trillion yen was carried out on July 30 and continued on the 31st. With Japan and the U.S. both issuing statements, market caution over additional intervention and possible measures has grown further.

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