US Intervenes in Forex Market with €500 Million to Support Yen

The New York Federal Reserve report confirms that the U.S. Treasury coordinated with Japan to intervene in the forex market on July 31, utilizing approximately €500 million to support the yen. The report states that the New York Fed, acting as an agent for the U.S. Treasury, purchased ¥79.4 billion in the spot forex market and sold euros from the 'exchange rate stabilization fund', amounting to about $497 million at current exchange rates. This intervention aimed to address the disorderly fluctuations of the yen's exchange rate. The report reiterated that the Federal Reserve did not participate in this intervention. At that time, the dollar rose to ¥163.9, marking the lowest level since the 1980s. According to data from the Japanese Ministry of Finance, Japan invested a record $97.5 billion in the intervention as of August 26.

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