Weak yen puts Japan’s Treasury holdings and intervention plans in focus

Sep 27, 2026 23:25 (27d ago)

The dollar fell to 156.51 yen in Tokyo after Mimura renewed warnings over excessive currency weakness.
Japan held more than $1.1 trillion of U.S. Treasuries as of May, while analysts estimate about $167 billion has been used to support the yen this year.
Japan and the United States jointly bought yen on July 31, their first coordinated intervention since 1998, as officials weigh further measures.

The yen strengthened to about 156.51 per dollar in Tokyo after Atsushi Mimura reinforced warnings that markets should heed messages from Japan and the United States, while President Donald Trump raised the currency with Prime Minister Sanae Takaichi. Japan, the largest foreign holder of U.S. Treasuries, held more than $1.1 trillion as of May and has spent an estimated $167 billion supporting the yen this year, partly through Treasury sales. Rising Japanese yields and potential intervention are also affecting global bonds and yen-funded trades in assets such as Bitcoin.

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