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Japan and the United States have for the first time in 15 years jointly intervened in the foreign exchange market to support the yen, with a commitment to take further action if needed. The move comes as the yen's persistent weakness puts pressure on Japan's import-dependent economy.
Japan's government spent a record amount to buy yen in April and May 2026, marking a strong effort to stem the domestic currency's decline. Data released on May 31 showed total interventions from April 26 to May 29 exceeded 9 trillion yen (approximately $60 billion), surpassing the previous record set in September 2022. The yen had fallen to 34-year lows against the U.S. dollar, prompting Tokyo to act amid concerns over higher import costs.
