Japan has stated that it has intervened in the foreign exchange market in conjunction with the United States or may take further action.

Japanese Finance Minister Katsuyuki Kitamura stated on the 3rd that Japan has jointly intervened in the foreign exchange market with the United States on July 31 at 7:00 PM Eastern Time, and does not rule out additional intervention measures depending on market conditions. The statement noted that this joint intervention is based on the joint statement issued by the finance ministers of Japan and the U.S. in September 2025, aimed at addressing the recent dramatic fluctuations and chaotic trends in the yen's exchange rate. Japan will continue to maintain close communication with the U.S. and will "not hesitate to take further coordinated intervention measures" if necessary. Apart from special periods such as financial crises and major disasters, joint interventions in the foreign exchange market between Japan and the U.S. are extremely rare. According to the Japan Broadcasting Corporation, this is the first joint intervention in the foreign exchange market by both sides in 15 years, following the Great East Japan Earthquake in 2011. Takehiro Sato, Chief Economist at Mitsubishi UFJ Morgan Stanley Securities Research Department, believes that the recent weakness of the yen primarily reflects market concerns over Japan's fiscal expansion and the delayed response of the Bank of Japan's monetary policy. Foreign exchange market intervention is a short-term measure, and to stabilize the yens trends, adjustments in fiscal and monetary policies will still be necessary. Since the beginning of the year, the yen has continued to weaken. In late July, the yen's exchange rate against the dollar was once close to 1 dollar to 164 yen.