Society

In December 2024, Finance Minister Kato warned over the yen at 157 per dollar, pledging an "appropriate response to excessive movements" and hinting at intervention. Japan's ¥15 trillion of 2024 operations, the US-Japan rate gap, and what followed: the 2026 interventions and the first coordinated yen-buying with the U.S. in 28 years.

The Bank of Japan raised its policy rate to 0.75%, the highest since 1995. What drove the decision, how it reached mortgages and deposits, and what followed through the June 2026 hike to 1.0%.