Derek Tang, an economist at Monetary Policy Analytics, pointed out that the Federal Reserve did not contribute funds during the joint U.S.-Japan intervention in the yen exchange rate in 2026. Official data expected to be released later this year will likely confirm this. He believes that the Bank of Japan's ability to intervene in the foreign exchange market is theoretically limited only by its willingness

Derek Tang, an economist at Monetary Policy Analytics: During the 2026 joint U.S.-Japan intervention in the yen exchange rate (compared to 1998 and 2011), the Federal Reserve "did not contribute funds" to the U.S. side's intervention efforts. Official data may not be released until later this year to confirm this point. Its intervention capacity is theoretically limited only by its willingness.