US Treasury jumps into rare yen‑buying intervention with Japan
The U.S. Treasury bought yen on Aug 1, using the New York Fed to sell euros for yen – the first joint U.S./Japan FX move in over a decade as the currency hovered near 40‑year lows. Strategists warn the boost is fragile; the huge U.S.–Japan rate gap still dictates yen direction and could keep volatility alive.