Yen intervention: when Japan steps in, and how much
A yen intervention is Japan's Ministry of Finance trading in the currency market to steady the yen, with the Bank of Japan placing the orders. In 2026 it bought yen twice: ¥11.73 trillion on 30 April, 4 and 6 May, and ¥15.40 trillion between 30 July and 26 August, the second time together with the US Treasury.
Below is every operation since 2010 from the ministry's own data, what each did to USD/JPY, and the warnings that came first.
By Mike, founder of MacroSetup. Page updated . Amounts to 28 September 2026, USD/JPY to 16 October 2026.
Every yen intervention since 2010
Billions of yen per round, from Japan's Ministry of Finance
- Sep 20102,125
- Mar 2011693
- Aug 20114,513
- Oct to Nov 20119,092
- Sep 20222,838
- Oct 20226,350
- Apr to May 20249,789
- Jul 20245,535
- Apr to May 202611,735
- Jul to Aug 202615,399
In short
- Who decides
- Japan's Minister of Finance, Satsuki Katayama in 2026. The law gives the minister the job of steadying the yen.
- Who trades
- The Bank of Japan, as the minister's agent, with money from the Foreign Exchange Fund Special Account.
- Last confirmed
- 31 July 2026 (US Eastern Time): yen bought together with the US Treasury, the first joint yen buying in 28 years.
- 2026 so far
- ¥27,134.2 billion of yen bought in two rounds, to 28 September 2026.
- Largest days
- ¥8,072.2 billion sold on 31 October 2011, the largest in the data since 1991. The largest yen buying day: ¥6,278.7 billion on 30 April 2026.
- Next data
- A monthly total near the end of each month. The days of July and August 2026 come with the quarterly release, likely in November.
Every yen intervention since 2010
Until 2011 Japan sold yen to hold back a strong currency. Since 2022 it has only bought yen, to support a weak one. There was no operation in 2025, and none in 2026 before 30 April.
| DateUSD/JPY before, on the day | Japan | Amount | USD/JPY day before, on the day |
|---|---|---|---|
| 30 Jul to 26 Aug 2026Days not yet published163.86 → 159.47 | Bought yen | ¥15,399.3bn | |
| 6 May 2026157.68 → 156.44 | Bought yen | ¥4,675.9bn | |
| 4 May 2026156.76 → 157.21 | Bought yen | ¥780.2bn | |
| 30 Apr 2026160.23 → 156.66 | Bought yen | ¥6,278.7bn | |
| 12 Jul 2024157.88 | Bought yen | ¥2,367.0bn | |
| 11 Jul 2024161.73 → 158.58 | Bought yen | ¥3,167.8bn | |
| 1 May 2024157.54 → 157.65 | Bought yen | ¥3,870.0bn | |
| 29 Apr 2024157.62 → 156.71 | Bought yen | ¥5,918.5bn | |
| 24 Oct 2022146.35 → 148.76 | Bought yen | ¥729.6bn | |
| 21 Oct 2022149.82 → 146.35 | Bought yen | ¥5,620.2bn | |
| 22 Sep 2022144.14 → 142.16 | Bought yen | ¥2,838.2bn | |
| 4 Nov 201178.17 | Sold yen | ¥306.2bn | |
| 3 Nov 201177.96 | Sold yen | ¥202.8bn | |
| 2 Nov 201178.04 | Sold yen | ¥227.9bn | |
| 1 Nov 201178.28 | Sold yen | ¥282.6bn | |
| 31 Oct 201175.72 → 77.97 | Sold yen | ¥8,072.2bn | |
| 4 Aug 201176.87 → 79.01 | Sold yen | ¥4,512.9bn | |
| 18 Mar 201178.74 → 81.14 | Sold yen | ¥692.5bn | |
| 15 Sep 201083.05 → 85.63 | Sold yen | ¥2,124.9bn |
Amounts from the ministry, in billions of yen. USD/JPY is the noon buying rate in New York from the Federal Reserve's H.10 release, on the business day before and on the day, so it can fall before or after the operation. For the summer window: 29 and 30 July. The ministry dates the joint operation of July 2026 by US Eastern Time.
What it did to USD/JPY
On the first day of each round of yen buying since 2022, the dollar stood 0.91 to 3.57 yen lower at noon in New York than the day before.
It did not always stay there. After the summer round of 2026 the rate went from 156.96 on 3 August back to 159.58 on 18 August. In October 2022 it was 146.35 on the first day and 148.76 on the next business day, although Japan bought another ¥729.6 billion that day.
That is why the warnings matter as much as the trades. An intervention buys time and makes a one-way bet expensive. It does not change the gap between Japanese and US interest rates, and the Japanese side of that gap is set by the Bank of Japan, not the ministry.
First day of each round, USD/JPY at noon in New York
- 30 Apr 2026160.23 → 156.66 3.57 lower
- 11 Jul 2024161.73 → 158.58 3.15 lower
- 29 Apr 2024157.62 → 156.71 0.91 lower
- 21 Oct 2022149.82 → 146.35 3.47 lower
- 22 Sep 2022144.14 → 142.16 1.98 lower
A big move is not an intervention
USD/JPY fell from 160.03 on 1 September 2026 to 153.50 on 9 September. The ministry's total for 27 August to 28 September was zero.
The warnings before a yen intervention
Japan publishes no official ladder. The minister said on 29 May 2026 that she phrases it according to the stage, and on 2 June that the words for each level of alert are fixed (our translations). The order below is how the market usually reads them, weakest first.
- Latest we found
“Watching markets with a high sense of urgency”
高い緊張感を持って注視
“The time for decisive action is approaching”
30 April 2026, as reported by Jiji Press. The ministry bought ¥6,278.7 billion of yen that day.
After acting, the ministry usually says nothing. On 18 May 2026 the minister said it does not comment on whether it intervened at all. The statement of 3 August 2026 on the joint operation with the US was an exception, and it said Japan “will not hesitate to conduct further joint intervention.”
When the data comes out
The ministry publishes twice: a single monthly total, and the days themselves once a quarter. The monthly total has no dates and no direction, and in 2026 it came in the Tokyo evening, near the end of the month.
Monthly totals in 2026
| Published | Covers | Total |
|---|---|---|
| 30 Apr 2026 | 30 Mar to 27 Apr 2026 | 0 |
| 29 May 2026 | 28 Apr to 27 May 2026 | ¥11,734.9bn |
| 30 Jun 2026 | 28 May to 26 Jun 2026 | 0 |
| 31 Jul 2026 | 29 Jun to 29 Jul 2026 | 0 |
| 28 Aug 2026 | 30 Jul to 26 Aug 2026 | ¥15,399.3bn |
| 30 Sep 2026 | 27 Aug to 28 Sep 2026 | 0 |
Going by that pattern, the next total is due around 30 October 2026. That is our expectation; we found no published calendar.
The days, once a quarter
- July to September 20248 Nov 2024
- July to September 202510 Nov 2025
- October to December 20256 Feb 2026
- January to March 202612 May 2026
- April to June 20267 Aug 2026
July to September 2026 was not out on 25 October 2026. The same quarter came on 8 November in 2024 and 10 November in 2025, so we expect it in early to mid November. That release will show which days make up the ¥15,399.3 billion.
Where it fits in reading the yen
I built this page because every warning from Tokyo sends traders looking for the last time Japan actually acted, and the answer sits in a ministry spreadsheet counted in units of 100 million yen.
We do not try to call the day of an intervention, and nobody outside the ministry can. What we can say is when the risk is higher: the warnings are near the top of the ladder, the move has been fast and one way, and the rate is where Japan acted before.
The rest of the yen story is slower: the Bank of Japan's rate against the others, and the yen's pull as a haven when markets fall.
Read next
- The yen today: its score, its rank among the eight and why.
- Bank of Japan rate decision: the next meeting and what the yen did on the last ones.
- Safe haven currencies: how the yen moved on the worst days for stocks since 2024.
- All eight central banks: rates, stance and the next meeting of each.
Sources
Every amount and date of an operation, and when each was published: Ministry of Finance Japan, Foreign exchange intervention operations; Ministry of Finance Japan, Foreign exchange intervention operations, monthly; Ministry of Finance Japan, Foreign exchange intervention operations, by quarter.
Who decides and who trades, and the law behind it: Bank of Japan, Outline of the Bank of Japan's Foreign Exchange Intervention Operations. The joint operation of July 2026 and the agreement it rests on: Ministry of Finance Japan, Statement of 3 August 2026 on the joint intervention; U.S. Treasury, Joint Statement of the US and Japan finance ministers, September 2025.
The minister's words, in Japanese, from the press conference transcripts (translations ours): Ministry of Finance Japan, Minister's press conferences (Japanese). The warning of 30 April 2026: Jiji Press via Adnkronos, Japan finance chief warns of approaching action on weak yen, 30 April 2026.
USD/JPY at noon in New York: Federal Reserve, H.10 historical rates for the Japanese yen.
Questions about yen intervention
What is a yen intervention?
Japan's Ministry of Finance buying or selling yen in the currency market to steady the exchange rate, with the Bank of Japan placing the orders as its agent. Since 2022 every intervention has been yen buying, to support a weak yen. The last time Japan sold yen, to hold back a strong one, was in November 2011.
When did Japan last intervene in the yen?
The last confirmed operation was on 31 July 2026 (US Eastern Time), when the ministry bought yen together with the US Treasury. Its monthly data show ¥15,399.3 billion spent between 30 July and 26 August 2026, and which days that covers comes with the quarterly release, likely in November. The total for 27 August to 28 September 2026 was zero.
How much did Japan spend on yen intervention in 2026?
¥27,134.2 billion to 28 September 2026, in two rounds: ¥11,734.9 billion on 30 April, 4 and 6 May, and ¥15,399.3 billion between 30 July and 26 August. The summer round is larger than any earlier stretch of about a month in the ministry's daily data, which go back to 1991.
At what level does Japan intervene?
There is no official level. Japan and the US Treasury agreed in September 2025 that intervention is for excess volatility and disorderly moves, not for a target rate. On the business day before each round of yen buying since 2022, USD/JPY at noon in New York stood between 144.14 and 163.86.
How do you know if Japan intervened?
Usually not on the day: the minister said on 18 May 2026 that the ministry does not comment on whether it intervened. It publishes a monthly total near the end of each month and the daily detail once a quarter. A large move is not proof: USD/JPY fell from 160.03 to 153.50 between 1 and 9 September 2026, and the total for that month was zero.
What are the warning signs before a yen intervention?
The finance minister's wording. It usually moves from watching markets with a high sense of urgency, to responding appropriately, to not ruling out any means, to decisive measures, and then to timing. On 30 April 2026 the minister said decisive action was approaching, and the ministry's data show ¥6,278.7 billion of yen bought that day. The yen today