TOKYO, November 9: Japan spent ¥15.40 trillion buying yen over three trading days in late July and early August, the Ministry of Finance disclosed on Monday in its quarterly report on currency intervention. The daily figures show the heaviest buying on July 30, when the ministry sold US dollars for ¥7.98 trillion worth of yen.
Key highlights
- July–September total: ¥15,399.3 billion of yen bought with US dollars.
- July 30: ¥7,975.6 billion; July 31: ¥5,552.3 billion; August 3: ¥1,871.4 billion.
- Since then: no intervention from August 27 to October 28, according to the ministry’s monthly reports.
- This year so far: about ¥27.13 trillion, after ¥11.73 trillion spent in late April and early May.
- Joint action: Bank of Japan minutes say the yen’s rise before the September meeting came mainly from coordinated intervention by Japan and the United States.
Day-by-day figures
| Date | Amount (¥ billion) | Operation |
|---|---|---|
| April 30, 2026 | 6,278.7 | Sold US dollars, bought yen |
| May 4, 2026 | 780.2 | Sold US dollars, bought yen |
| May 6, 2026 | 4,675.9 | Sold US dollars, bought yen |
| July 30, 2026 | 7,975.6 | Sold US dollars, bought yen |
| July 31, 2026 | 5,552.3 | Sold US dollars, bought yen |
| August 3, 2026 | 1,871.4 | Sold US dollars, bought yen |
What the ministry disclosed
Japan’s Ministry of Finance publishes a monthly total for intervention and, a few weeks after each quarter ends, the amount spent on each day. Its monthly report for July 30 to August 26 had already shown ¥15,399.3 billion; Monday’s quarterly report confirms the three days on which the money was spent. All three operations sold US dollars and bought yen, aimed at supporting a weak yen.
The ministry reported no intervention in the January–March quarter, and zero for the monthly periods from August 27 to September 28 and from September 29 to October 28.
A coordinated move
Minutes of the Bank of Japan’s September 17–18 meeting, published last week, recorded that the yen had strengthened mainly because of coordinated foreign-exchange intervention by Japan and the United States. The finance ministry’s report gives the amounts for Japan’s side; it does not report any US operations.
Our calculation
- Adding the April–June total (¥11,734.9 billion) and the July–September total (¥15,399.3 billion), Japan has spent about ¥27.13 trillion on yen-buying intervention in 2026 so far.
- July 30 alone accounts for about 52% of the July–September total.
- The largest single day this year, July 30 (¥7.98 trillion), was about 1.3 times April 30 (¥6.28 trillion).
What it means for India and Asia
- Currency pressure across Asia: other Asian currencies have also been under pressure this year; Indonesia’s rupiah, for example, recently weakened past Rp18,000 to the dollar.
- Reserves at work: intervention is paid for from foreign reserves. Asian central banks, including the RBI, hold large reserves partly to be able to steady their currencies in this way.
- Policy mix: the Bank of Japan also raised its policy rate to 1.25% in September, adding interest-rate support to the yen alongside intervention.
What to watch
- The ministry’s next monthly report, covering the period from October 29, due around the end of November.
- The Bank of Japan’s summary of opinions from its October meeting.
- Any further statements from Japanese or US officials on currency moves.
Related: BOJ minutes: seven of nine backed the September rate hike · Japan is now the world’s financier, says BOJ’s Ueda
The Ministry of Finance building in Kasumigaseki, Tokyo (file photo) Image: Kakidai, CC BY-SA 4.0, via Wikimedia Commons. Photo source · Licence
Sources
- Ministry of Finance, Japan: Foreign Exchange Intervention Operations (July – September 2026), released November 9, 2026
- Ministry of Finance, Japan: Foreign Exchange Intervention Operations (April – June 2026)
- Ministry of Finance, Japan: Foreign Exchange Intervention Operations (September 29 – October 28, 2026)
- Ministry of Finance, Japan: Foreign Exchange Intervention Operations (August 27 – September 28, 2026)
- Bank of Japan: Minutes of the Monetary Policy Meeting on September 17 and 18, 2026
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