Business · Markets · 8 hrs ago
US Confirms $500 Million Yen Intervention in July
The US government spent about $500 million in euros to buy yen during a currency intervention on July 31.
A Federal Reserve Bank of New York report confirmed the operation and put its size at 79.4 billion yen.
The US Treasury used euros from its holdings, and the action was coordinated with Japan.
Governments sometimes buy or sell currencies to influence their value; the aim here was to support the yen.
The confirmation adds detail about the scale and funding of the US role in the operation.
The information does not say whether further action is planned.
The U.S. government bought 79.4 billion yen in a foreign-exchange intervention in July, according to a report cited by Kyodo.
The intervention was carried out on July 31 and coordinated with Japan, Bloomberg reported.
The U.S. Treasury used roughly $500 million worth of euros from its holdings in the intervention, Bloomberg reported.
The Federal Reserve Bank of New York report confirmed earlier indications about the U.S. role, Bloomberg said.
- Who
- The U.S. government; Bloomberg said the U.S. Treasury used euros in the intervention.
- What
- The U.S. bought 79.4 billion yen in a foreign-exchange intervention. The Treasury used roughly $500 million worth of euros.
- When
- July, specifically July 31, according to Bloomberg.
- Where
- Not stated.
- Why
- To prop up the yen, according to Bloomberg.
This story does not have two clearly opposing sides.
The U.S. intervention to prop up the yen was coordinated with Japan, according to Bloomberg.
Kyodo reported that the U.S. government bought 79.4 billion yen in July intervention.
Bloomberg reported that a New York Fed report confirmed earlier indications about the U.S. Treasury's use of euros in the intervention.
- Yen bought
- 79.4 billion yen
- Intervention date
- July 31
- Euros used
- Roughly $500 million worth
- Coordination
- Japan
- Report cited by Bloomberg
- Federal Reserve Bank of New York