The U.S. recently intervened in support of the yen for the first time since 2011 after the currency fell to levels last seen in 1986. The BOJ kept its policy rate below 1% at its latest meeting as the Federal Reserve signalled further tightening. Using euros reduced the operation's effect on USD/JPY and avoided signalling a broader change in U.S. dollar policy. Without policy shifts in Tokyo or direct dollar selling by Washington, coordinated action may provide only temporary support for the yen. Related articlesStrategist explains why U.S. yen support is built to failCiti pushes back Fed rate cuts to May after blowout January jobs reportGoldman expects lower but still attractive stock market returns in 2026