US bought yen for the first time since 1998, New York Fed report shows

What happened in summer. In July the dollar reached almost 164 yen, a multi-decade high. On July 30 press reports said the New York Fed had asked banks for dollar-yen quotes. Markets call this a rate check. The report says the bank did it only on behalf of the Treasury, as its fiscal agent. The yen rose 2.3% that day.

The purchase itself. The next day, July 31, the New York Fed bought 79.4 billion yen in the spot market against euros from the Treasury's Exchange Stabilization Fund. The goal, the report says, was to counter what the Treasury saw as disorderly moves in the yen. Reuters puts it at about $497 million.

Japan moved together. Japan's Ministry of Finance intervened with 15.4 trillion yen in the same quarter, many times more than the US purchase. Between July 30 and August 3 the rate fell from about 164 to about 155 yen per dollar. Over the whole quarter the dollar lost 3.2% against the yen.

Where we are now. The yen is weak again: Reuters used a rate of about 159.6 yen per dollar on November 12. The next such report is due in February on the usual schedule, so any new purchases would be confirmed officially later.

已确认的事实

• On July 31, 2026 the New York Fed, acting for the US Treasury, bought 79.4 billion yen in the spot market against euros from the Exchange Stabilization Fund.^[1][2]
• The Federal Reserve did not intervene in currency markets on its own account in Q3 2026.^[1][2]
• Japan's Ministry of Finance intervened with 15.4 trillion yen in Q3, in coordination with the US.^[1][2]
• Between July 30 and August 3 the rate fell from around 164 to around 155 yen per dollar.^[1][2]
• On July 30, when rate checks were in focus, the yen rose 2.3% against the dollar.^[1]
• The dollar fell 3.2% against the yen over the third quarter.^[1]
• Reuters says it was the first US yen-buying intervention since 1998.^[2]

影响

• 已确认The US is willing to act on the yen together with Japan, as the official report confirms.
• 我们的解读Traders will likely treat 160-164 yen per dollar as a zone where intervention risk rises. This is our inference.
• 我们的解读A sharp yen rebound after intervention can hurt Japanese exporters and carry trades funded in yen. This is our inference.

仍未知

• Whether there were yen purchases after September: the Q4 report comes later.
• At what level the authorities are ready to act again.
• How much yen Japan bought on individual days of the quarter.

影响到谁

United States, Japan, Global. Anyone trading currencies or Japanese stocks, or watching the dollar

来源

1. Federal Reserve Bank of New York: Treasury and Federal Reserve Foreign Exchange Operations, July-September 2026 2026年11月12日 · 官方
2. Reuters via Investing.com: US Treasury bought yen in July; Fed made no solo FX interventions in Q3 2026年11月12日 · 媒体