US and Japan Stage First Joint Yen Intervention Since 1998 as Currency Hits 40-Year Low

Japan and the United States confirmed a rare joint intervention to prop up the yen after it slid to roughly ¥163.7 per dollar — its weakest level since 1986 — before rebounding to about ¥157.6 following coordinated action around August 1-3, 2026. Finance Minister Satsuki Katayama said the move was taken under the September 2025 US-Japan Finance Ministers' Joint Statement to counter 'excessive volatility and disorderly movements' in the currency. It marked the first joint US-Japan yen-buying operation since 1998. President Trump characterized the intervention as 'a sign of friendship,' saying Japan 'wanted a little bit of help,' and it was widely read as reciprocity for his endorsement of Takaichi ahead of her party's landslide snap-election win in February 2026.