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2026-05-29 22:57:36
[ING: Japanese Foreign Exchange Intervention May Impact US Treasuries] Chris Turner of ING Group stated in a report that the Bank of Japan may take further intervention measures to curb any further decline in the yen against the dollar, which would impact US Treasuries. He indicated that the Japanese government's sale of US Treasuries appears to be to fund foreign exchange intervention. "Japan's holdings of US Treasuries decreased by approximately $100 billion in 2024—roughly matching the amount of foreign exchange intervention that year," he said. He suggested that Japan might intervene if the dollar breaks through the 160 yen level again. He noted that Japan holds over $1 trillion in foreign exchange reserves, although the country is unwilling to lose 20-30% of those reserves to defend the yen. Japan's Ministry of Finance stated on Friday that Japan spent approximately $73.69 billion on foreign exchange intervention between April 28 and May 27.
