Ministry of Finance reveals record-breaking yen-buying interventions conducted in summer 2026

The Ministry of Finance announced on November 9, 2026, the daily breakdown of foreign exchange intervention results for the period of July through September 2026. The data reveals that the Japanese government engaged in massive yen-buying operations during late July and early August to curb the depreciation of the currency. These interventions included a record-breaking single-day operation and a rare coordinated effort with the United States government.

Record-breaking intervention scale

According to Japanese media, the scale of the operations was unprecedented. On July 30, 2026, a yen-buying intervention of 7,975.6 billion yen was conducted. This figure represents the largest single-day yen-buying intervention on record, surpassing the previous record of 6,278.7 billion yen that was set on April 30, Japanese media reported.

The intervention activity intensified shortly thereafter. On July 31, 2026, the Japanese and U.S. governments conducted a coordinated yen-buying intervention, marking the first such joint action in 28 years. Japanese media reported that this coordinated effort totaled 5,552.3 billion yen. This was followed by another yen-buying intervention of 1,871.4 billion yen on August 3, 2026, following an announcement of coordinated action. In total, these three days of intervention amounted to 15,399.3 billion yen.

The interventions were aimed at stabilizing a currency that had weakened significantly. Before these actions were taken, the yen had dropped to nearly 164 yen per dollar in late July. Following the series of interventions, the exchange rate temporarily strengthened to the 155 yen level. Japanese media also reported that no interventions were conducted during the months of September and October 2026.

Government stance and economic context

The scale of the government's response suggests a high level of concern regarding currency volatility. Tsuyoshi Ueno, Chief Economist at Nissen Foundation Research Institute, noted that the scale of the August 3 intervention was surprising and that the government's sense of crisis regarding yen weakness was evident, according to Japanese media.

Minister of Finance Satsuki Katayama stated that the ministry maintained close communication with the U.S. Treasury and would not hesitate to conduct further coordinated interventions, Japanese media reported. U.S. Treasury Secretary Scott Bessent echoed this sentiment, stating that the United States will not hesitate to participate in future coordinated interventions, according to Japanese media.

While the interventions were intended to curb depreciation, the yen's weakness may be driven by structural factors in the Japanese economy and the ongoing situation in Iran. As of the morning of November 9, 2026, the Tokyo market saw the dollar/yen rate trading in the low 158 yen range.