The Ministry of Finance moved to defend the yen Thursday, its clearest suspected intervention since April. The Bank of Japan took its policy rate to the highest level since 1995 last month. Dollar/yen is still trading close to its weakest level since 1986.
As of filing, the BOJ's July 31 decision has not yet been confirmed by a post-meeting report. Every available source treats a hold at 1.00% as overwhelming consensus (52 of 52 economists surveyed by Bloomberg), not a reported outcome.
This piece is written on that consensus basis and should be checked against the actual statement before publication.
Chart 1 · USD/JPY
USD/JPY — 30-Day Price Action
Late June – July 30, 2026 · Intervention Markers
Illustrative trend constructed from reported price levels (Reuters, Bloomberg, FXStreet) anchored to confirmed data points. Not tick-level trading data.