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 rec

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.