Over the past month, the yen's value has slid against the dollar, hitting its lowest relative value since 1986 on July 23. Treasury Secretary Scott Bessent said after the initial confirmation that the US was ready to do so again, as new trade agreements have given Washington a stronger interest in preventing a sharp depreciation in the yen from undermining the pact. Governments almost never step into the $7.5 trillion-a-day foreign exchange market, and when Washington does, it has historically been reserved for periods of severe market dysfunction or coordinated action with allies. Treasury Secretary Scott Bessent said on Sunday that the Treasury Department remains ready to step in again if needed. A notepad in front of Treasury Secretary Scott Bessent reads "To Do Buy Japanese Yen $5-10 bil" as he participates in a Cabinet meeting at Camp David, Maryland, on July 31, 2026.