Japan's $36.6 Billion Yen Defense Barely Held

Japan spent $36.58 billion buying yen in early August 2026 to push back against the dollar. The currency hit a three-month peak, then faded. By August 14 the yen sat at 159.37 per dollar, on track for a roughly 1% weekly decline — near pre-intervention levels. The spending bought time, not a durable floor.