{"id":4831,"date":"2026-08-03T19:10:15","date_gmt":"2026-08-03T19:10:15","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=4831"},"modified":"2026-08-03T19:10:15","modified_gmt":"2026-08-03T19:10:15","slug":"yen-rises-amid-speculation-of-more-intervention-after-u-s-support","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=4831","title":{"rendered":"Yen rises amid speculation of more intervention after U.S. support"},"content":{"rendered":"
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The Japanese currency swung from a small decline to gain as much as 1.4% versus the dollar during morning trading in Tokyo. It then pared a large chunk of the move to trade around 156.70 per dollar during the London session, raising the prospect that jittery traders or algorithms may also have been the cause.<\/p>\n

Read more The U.S. is using euros, not dollars, to prop up the yen, and it may backfire: \u2018This kind of twist\u2026undercuts the efficacy of U.S. participation\u2019<\/a><\/p>\n

\u201cThe price action alone looks like intervention,\u201d said Gareth Berry, a strategist at Macquarie Group Ltd. in Singapore. \u201cThe Ministry of Finance has a limited window of opportunity to do some damage on the USDJPY chart, and crack some support levels.\u201d<\/p>\n

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Under the International Monetary Fund\u2019s\u00a0framework, a currency may be classified as free-floating if official intervention is limited to no more than three episodes over a six-month period, with each episode lasting no more than three business days. By that standard, Japan could intervene again on Monday, following its market operations on Thursday and Friday.Play Video<\/p>\n

Japan and the US Treasury Department are now working together to a degree unseen in decades to shore up the currency, raising the stakes for anyone betting against it. Treasury Secretary Scott Bessent\u00a0said\u00a0the US wouldn\u2019t hesitate to step into the market again. President Donald Trump added his stamp of approval to the recent action, describing the intervention as \u201ca signal of friendship.\u201d\u00a0<\/p>\n

Japan confirmed the first joint intervention with the US in currency markets in 15 years, according to a statement by Finance Minister Satsuki Katayama.\u00a0<\/p>\n

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While many in the market still question the capacity of authorities to change the long-term trajectory of the yen in the\u00a0$9.5 trillion-per-day currency market, there is no doubt of their power in short bursts. In just two days at the end of last week, they reversed more than two months of losses in the yen, using a combination of direct purchases in the market, calls by officials to banks that deal in the currency and jawboning from Bessent and Katayama.<\/p>\n

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\u201cIt seems likely that authorities would intervene further in coming days if the yen begins to unwind the recent move, as was the case in May of this year,\u201d Goldman Sachs Group Inc. strategists including Kamakshya Trivedi wrote in a note. \u201cWe continue to think intervention is an effective tool for authorities to buy some time before fundamental factors turn more positive.\u201d<\/p>\n

It was quoted at 157.40 to the dollar at the close of New York trading on Friday after advancing more than 1%. Before that it was hovering within a whisker of the weakest levels since 1986 near 164 against the greenback.\u00a0<\/p>\n

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What Bloomberg strategists say:<\/h3>\n

The yen is quickening its advance to bring the May peak of 155.04\/dollar into play. The rapid surge may spur trader concerns that another round of intervention is going on. It may also be more about investors acting to get out fast before the next steps are taken.<\/p>\n

\u2014 Garfield Reynolds, MLIV Team Leader. Read more on MLIV.<\/p>\n<\/blockquote>\n

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The currency has been under pressure from rising oil prices, Japan\u2019s persistent budget deficits and a yawning interest-rate gap with the US and other major economies. The depreciation has sounded alarm bells in Tokyo, with rising import costs squeezing businesses and consumers.<\/p>\n

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A failure to arrest the drop would have impact that goes far wider than Japan as turmoil in the nation\u2019s financial markets tends to spill out globally.<\/p>\n

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\u201cThe significance of recent developments may not be the intervention itself, but the message it sends: markets are increasingly coming to believe that excessive yen weakness is no longer viewed as solely Japan\u2019s problem,\u201d said Masayuki Nakajima, senior currency strategist at Mizuho Bank in London. \u201cIt appears increasingly likely that concerns in Washington over the risks posed by a sharp depreciation of the yen and rising volatility in the JGB market, particularly the potential spillover effects on the US Treasury market, are part of the backdrop to these developments.\u201d<\/p>\n

Volatility in Japanese government bonds jolted Treasuries and drew the ire of Bessent earlier this year. Meanwhile, the more the yen\u2019s depreciation gives Japan an advantage in trade with the US, the more it is likely to irk Trump.<\/p>\n

Read more \u2018A hidden gem\u2019: Odyssey fans are shelling out up to $2,000 to buy 70mm IMAX tickets on eBay<\/a><\/p>\n

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Asked on Air Force One what it is that the US getting out of helping Japan, Trump said: \u201cFinancial benefit. We also, it\u2019s also good for the world economy.\u201d\u00a0<\/p>\n

Rebecca Patterson, a JPMorgan and Bridgewater Associates veteran who is now a senior fellow at the Council on Foreign Relations, said that Japan is already selling Treasuries to help fund its intervention. \u201cThe prospect of a larger, more lasting allocation shift, could pose a larger threat to Treasury yields,\u201d she noted. \u201cIt\u2019s in Bessent\u2019s interest to convince Japan not to take that step.\u201dPlay Video<\/p>\n

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Bessent\u2019s commitment to shoring up the yen was clearly shown when Reuters\u00a0published\u00a0a photograph of a notepad in front of him at a cabinet meeting in Camp David on Friday. Under a \u201cTo Do\u201d title, it was written \u201cBuy Japanese Yen (JPY) $5-10 bil.\u201d He had earlier generated headlines by saying in a Fox Business interview on Thursday that the yen is \u201cvery undervalued\u201d and \u201cexcess volatility\u201d isn\u2019t healthy.\u00a0<\/p>\n

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JUST IN: U.S. Treasury Secretary Scott Bessent\u2019s \u201cto-do\u201d list reveals plans to buy $5 billion to $10 billion in Japanese yen.\u00a0pic.twitter.com\/2CdFzWbqZ7\u2014 Polymarket (@Polymarket)\u00a0August 1, 2026<\/p>\n<\/blockquote>\n

\u201cGiven joint action with the US is still ongoing, USD\/JPY could decline below 155 if stop losses are triggered,\u201d said Moh Siong Sim, a strategist at the Oversea-Chinese Banking Corp. \u201cBut the success of intervention in reversing the JPY weakness depends on whether intervention is complemented by or is a substitute for more hawkish BOJ stance.\u201d<\/p>\n

The intervention on Thursday and Friday came as the Bank of Japan board gathered to set monetary policy. It voted 8-1 to keep interest rates unchanged, having raised them to 1% in June. While that\u2019s the highest level since 1995, it is well below the 3.75% upper bound for the US policy rate.<\/p>\n

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At a post-decision briefing, Governor Kazuo Ueda offered little fresh support for the currency. He opened the door to the possibility of rate hikes at upcoming meetings without signaling this was likely.<\/p>\n

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The Finance Ministry\u2019s top currency bureaucrat, Atsushi Mimura, said on Monday that he will respond to foreign exchange in coordination with monetary policy.<\/p>\n

\u201cThe comments imply that the BOJ should continue normalizing monetary policy to back up support for the yen from intervention,\u201d said Lee Hardman, senior FX strategist at MUFG in London. Coupled with a \u201cnoticeably more hawkish\u201d policy stance from Ueda last week, the BOJ may hike rates at its next meeting in September, sooner than market expectations for the end of the year, he added.\u00a0<\/p>\n

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The yen recorded an intraday jump of more than 3% versus the greenback on Thursday, when Japan spent around\u00a0\u00a58.45 trillion\u00a0($52.8 billion) buying the currency, according to data compiled by Bloomberg and based on a comparison of BOJ accounts and money brokers\u2019 forecasts. That would likely be the biggest-ever intervention on a single day by Tokyo.<\/p>\n

\u201cThe fact that the US and Japan coordinated the intervention, and that the US took the unusual step of selling euro, indicates that there is a concerted effort to shift currency trends,\u201d said Neil Newman, head of strategy at Astris Advisory Japan. \u201cWe should therefore expect further intervention if necessary.\u201d<\/p>\n

Read more Spider-Man comes $2 million shy of Avengers record for all-time first-weekend record, already close to $1 billion global box office<\/a><\/p>\n

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The Japanese currency swung from a small decline to gain as much as 1.4% versus the dollar during morning trading in Tokyo.<\/p>\n","protected":false},"author":1,"featured_media":4830,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[399],"tags":[],"class_list":["post-4831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-currency"],"yoast_head":"\nYen rises amid speculation of more intervention after U.S. support - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=4831\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yen rises amid speculation of more intervention after U.S. support - Cross Country Moving Team\" \/>\n<meta property=\"og:description\" content=\"The Japanese currency swung from a small decline to gain as much as 1.4% versus the dollar during morning trading in Tokyo.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/crosscountrymovingteams.com\/?p=4831\" \/>\n<meta property=\"og:site_name\" content=\"Cross Country Moving Team\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-03T19:10:15+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=4831#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=4831\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\"},\"headline\":\"Yen rises amid speculation of more intervention after U.S. support\",\"datePublished\":\"2026-08-03T19:10:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=4831\"},\"wordCount\":1294,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=4831#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/fdc32da0773844607dfb6494ddd2f3d4.webp\",\"articleSection\":[\"Currency\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=4831#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=4831\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=4831\",\"name\":\"Yen rises amid speculation of more intervention after U.S. support - 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