According to CoinMeta, the United States and Japan jointly intervened in the foreign exchange market for the first time on August 3, 2026, to support the Japanese yen as its exchange rate approached a 40-year low. The U.S. Treasury Department confirmed that it assisted Japan in stabilizing the yen last week, and this action marked the first coordinated intervention since 1998. Japanese Finance Minister Shizuko Katsumi stated that the intervention was aimed at addressing the yen's "excessive volatility and disorderly movements." Before the intervention, the yen had depreciated to 163 yen per dollar, but after the intervention, it rebounded to 155 yen. U.S. Treasury Secretary Scott Bennett said that this action "counteracted the disorderly fluctuations of the yen" and indicated that the U.S. would not hesitate to participate in further joint interventions. The depreciation of the yen has exacerbated inflationary pressures in Japan; although a weaker yen is beneficial for exports, it has also increased the cost of energy imports denominated in dollars. Analysts pointed out that intervention alone may not be sufficient to reverse the overall downward trend of the yen.