Japan's Record $96.5 Billion Yen Rescue Stalls

Japan's Ministry of Finance confirmed it spent a record $96.5 billion in a single intervention round between July 30 and August 26 to prop up the yen, the largest one-round purchase on record. Including an earlier spring round, Tokyo's 2026 currency interventions now total a record $170 billion. Despite that firepower, the yen ($FXY) has traded in a tight 157-158 range against the dollar for over a month, barely moved from where it started.