This period of inactivity follows a record $96 billion spend by the government on market operations throughout July and August, which included the first joint action with the US in 15 years. Despite the recent pause in spending, the yen has risen approximately 1.5% this month. However, leveraged traders cut bullish positions by almost 80% to $355 million in the week ending Sept. 22, and the cost of hedging against yen weakness has hit its lowest level since January.
Wednesday, October 21, 2026
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Japan Spends 0 Yen on FX Intervention From Aug 27 to Sept 28
Global Markets21 days ago
Tokyo's top currency diplomat dismissed concerns over funding limits while the yen gained ground against the US dollar on Wednesday. The Ministry of Finance revealed that no funds were used to purchase the currency from Aug. 27 to Sept. 28, even as the exchange rate fluctuates around 157 per dollar. Diplomat Mimura urged market participants to heed a "very clear" warning from the government and confirmed that Japan remains unsatisfied with the underlying moves of the yen.
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