Framing Analysis
Japan spent approximately 31.8 billion USD purchasing yen on July 31, with the Bank of Japan releasing preliminary data on the operation. U.S. authorities traded euros for yen during the same period, moving the currency from around 160 to the 157-158 range against the dollar. Prior interventions occurred in 2022 and 2024, and unverified reports claim this was the first joint U.S.-Japan action since 1998.