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BREAKING: Japan just sold $35 billion in US dollars yesterday to stop the yen from collapsing.
USD/JPY hit 160.72 yesterday before Japan's top currency diplomat issued a final warning to markets. Japan then sold $35 billion worth of US dollars and bought yen. The yen jumped 3% to 155.5 within hours.
The last time Japan did this was July 2024, they spent $36.8 billion. The yen weakened back to the same levels anyway.
The interest rate gap between the US and Japan that caused this has not changed. The carry trade is still fully active.