Japan and the U.S. pulled off a rare currency intervention to prop up the yen, which had hit a 40-year low—Japan spent $89 billion, the U.S. Treasury added support via euro sales to avoid weakening the dollar. The move, the first U.S. yen defense since 2011, helped push the yen back to 157 per dollar. Japan’s goal? To curb inflation from expensive dollar-denominated imports. The U.S.? It’s about trade competitiveness and stability as Japan’s biggest creditor. Behind the scenes, trillions in global “carry trades” make the yen’s weakness a systemic risk. But these fixes are temporary—real change needs deeper economic reform in Japan.
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