Japanese yen sees volatility amid joint intervention reports

Joint US-Japan intervention confirmed for the yen, while the Australian dollar strengthens and oil prices face pressure.

AUG/3/2026 · 1 min readBy the ForexCommand team · Methodology · Standards

Joint US-Japan intervention confirmed for the yen, while the Australian dollar strengthens and oil prices face pressure.

Asia-Pacific currency dynamics

The Japanese yen was the standout mover today after Japan and the United States confirmed a coordinated yen-buying intervention. According to Japan's Mimura and Katayama, the joint operation drove the yen above 155.50 against the dollar. After some early chop, the yen extended its rally as US Treasury Secretary Bessent signaled Washington would not hesitate to intervene again, leaving the dollar bruised.
The Australian dollar gained strength, trading near 0.7050. This comes as Australia's manufacturing PMI reached 52.0 in July, signaling a return to production growth, per S&P Global.
In contrast, the New Zealand dollar was the weakest currency on an intraday basis, following a 3.6% fall in building permits for June.

WTI crude oil maintained losses near $79 amid ongoing Middle East peace talks and an OPEC+ agreement to increase September production by 188,000 barrels per day.
News that former US President Trump cancelled attacks on Iran, with a deal on the Strait of Hormuz reportedly close, also contributed to the sentiment around oil.
Our market sentiment gauge (FSI) is neutral at 59, while the MRS stands at 76, indicating market readiness. The CTS is high at 80. The Swiss franc is the strongest currency for the session.