The yen rose against the dollar and euro in the New York foreign exchange market, with the possibility of additional coordinated intervention by Japanese and US authorities coming into focus. Finance Minister Satsuki Katayama stated on July 31 that Japan conducted yen-buying intervention in coordination with the US Treasury, and US Treasury Secretary Scott Bessent said he would not hesitate to participate in future coordinated intervention. The yen briefly hit 156.80 per dollar, its strongest level in about three months, and also gained 0.62% against the euro to 180.31 yen, at one point reaching 179.435 yen, its highest since mid-November 2025. Based on projections of factors affecting the Bank of Japan's current account balances, it is estimated that an intervention of 4.72 trillion to 5.76 trillion yen may have been conducted on July 31.