US-Japan Joint Yen Intervention Occurs First Time in 30 Years

US and Japan executed first joint direct purchase of yen in three decades. Treasury memo leaked showing $50-100B plan, with NY Fed selling euros via major banks.

Woofun AI reports that the United States and Japan conducted a joint intervention to support the Japanese yen on Friday, marking the first direct purchase operation by both nations in nearly 30 years. A leaked photograph from a Cabinet meeting at Camp David revealed U.S. Treasury Secretary Janet Yellen's notepad containing an entry to "Buy Yen $50-100 billion."

The New York Federal Reserve executed the transaction on behalf of the Treasury by selling euros to acquire yen, with operations routed through Goldman Sachs and Morgan Stanley. The Treasury had previously notified several Wall Street banks of its intent to intervene. The last U.S. intervention regarding the yen occurred in 2011, when the direction was to sell the currency.