Record Intervention! Japan Spent $96.4 Billion in Past Month to Rescue Yen

Japan spent 15.4 trillion yen (approximately $96.4 billion) over the past month on currency intervention, setting a historic record, with rare U.S. backing that sent a strong signal against shorting the yen. The yen rebounded after the joint intervention, but depreciation pressure persists. Markets are now focused on Bank of Japan rate hike expectations and U.S. policy direction, as the yen's ability to reverse its weakness remains to be seen.