Japan’s Ministry of Finance said authorities spent a record ¥15.4 trillion, reported around $96.2 billion to $96.4 billion, buying yen between July 30 and Aug. 26 after the currency sank to multi-decade lows, while U.S. Treasury Secretary Scott Bessent has now set out Washington’s case for joining the operation. In an Aug. 27 letter to Senator Elizabeth Warren, Bessent argued that extreme yen volatility could trigger forced unwinds, destabilize global markets, and ultimately raise U.S. borrowing costs, stressing Japan’s role as the largest foreign holder of Treasuries. He said the United States used existing Exchange Stabilization Fund foreign-currency assets for yen—earlier indicating euros were involved—without disclosing the U.S. outlay, and stated that no credit was extended to Japan. The July 31 coordinated action was the first U.S. yen-buying intervention since 1998 and briefly lifted the rate to about 157.40 per dollar. Cumulative Japanese intervention through August reached ¥27.13 trillion, surpassing the 2003 full-year record, yet the yen has surrendered part of those gains and on Friday fell below 160 per dollar for the first time since late July amid wide U.S.–Japan rate gaps and other structural pressures.