The joint intervention helped fuel a rapid recovery in the Japanese currency, dropping the dollar-yen rate from around 164 to 155 between late July and early August. Operating as the Treasury's fiscal agent, the New York Fed deployed the Exchange Stabilization Fund to purchase billions of yen using euros on July 31. This bilateral action occurred alongside massive domestic currency maneuvers carried out by Japan's Ministry of Finance during the third quarter. Treasury Secretary Scott Bessent subsequently affirmed that the United States would do whatever it takes to back Japan's stabilization efforts.
Key points
The July operation represented the first time the United States stepped in to purchase ye…: The July operation represented the first time the United States stepped in to purchase yen since 1998.
The Federal Reserve conducted no foreign exchange interventions of its own accord through…: The Federal Reserve conducted no foreign exchange interventions of its own accord throughout the third quarter.
Treasury Secretary Scott Bessent affirmed that Washington would do whatever it takes to s…: Treasury Secretary Scott Bessent affirmed that Washington would do whatever it takes to support Japan in stabilizing its currency.
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Nov 12 : The US Treasury bought Japanese yen in the July-to-September quarter, but the Federal Reserve did not intervene of its own accord in foreign exchange markets in the same period, the Federal Reserve Bank of New York said on Thursday.
The New York Fed's quarterly report on currency market operations detailed interventions executed on behalf of the Treasury this summer to stem a sharp weakening of the yen.
The purchase was the first US yen-buying intervention since 1998, and the report shows Washington acted alongside Tokyo to support the Japanese currency.
On July 30, press reports emerged that the New York Fed had requested "rate checks" on the dollar-yen rate. The New York Fed report said the checks were made "solely on behalf of the US Treasury," with the New York Fed acting as the government's fiscal agent. The yen rose 2.3 per cent against the dollar that day.
The New York Fed said it bought 79.4 billion yen ($497.37 million) in the spot market on July 31, selling euros from the Exchange Stabilization Fund.
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