Japan Burned ¥11.7 Trillion Propping Up the Yen — It Kept Falling

Japan spent ¥11.7 trillion ($75 billion) buying yen from April 28 through May 27, 2026, per the Ministry of Finance. The currency kept sliding to 40-year lows, forcing Tokyo to secure U.S. Treasury participation in a rare joint intervention confirmed August 3. One central bank's firepower proved insufficient against an interest-rate gap the Bank of Japan's 1.0% policy rate leaves wide open.