The move, confirmed on August 1, involves plans to purchase between $5 billion and $10 billion in Japanese yen. The yen has been trading at levels not seen in nearly 40 years against the dollar. Why the US decided to get involvedBessent also proposed upsizing the Federal Reserve’s FIMA Repo Facility as a complementary measure. The FIMA facility essentially allows foreign central banks to temporarily convert their US Treasury holdings into dollars. Active US selling of dollars to buy yen is, at the margin, dollar-negative.