The New York Fed's quarterly FX intervention report confirmed that on July 31
the U.S. Treasury, coordinating with Japan, sold euros from the Exchange
Stabilization Fund to buy 79.4 billion yen in the spot market — roughly $497m at
current rates. The action was taken to counter what the Treasury judged to be
disorderly yen moves; the report reiterated that the Federal Reserve did not
participate. USD/JPY traded up to 163.9. Japan's Ministry of Finance data show
Japan's intervention totaled a record $97.5bn as of Aug. 26.