Japan's Ministry of Finance intervened in currency markets for exactly ¥0 between 27 August and 28 September 2026. Its monthly intervention report, dated 30 September, gives the total for the period as nil. The zero follows Tokyo Brief's 18 September report on Katayama's vow of more yen intervention. The monthly report gives no exchange rates and no explanation for the nil total.
The last operations were in spring
The ministry's historical series shows the most recent intervention in three steps: 30 April, 4 May and 6 May 2026. On each day Japan sold US dollars and bought yen. The April to June 2026 quarter totals ¥11.73tn, the ministry's own quarterly figure. The ministry notes that daily figures are rounded, so they may not add up exactly to the total.
| Date | Amount | Direction |
|---|---|---|
| 30 April 2026 | ¥6.28tn | US dollar sold, yen bought |
| 4 May 2026 | ¥780.2bn | US dollar sold, yen bought |
| 6 May 2026 | ¥4.68tn | US dollar sold, yen bought |
| April to June 2026 total | ¥11.73tn | US dollar sold, yen bought |
No intervention appears in the series for the quarter that ended in March 2026, and every quarter from October 2024 to March 2026 is also zero. The July to September 2024 quarter carries ¥5.53tn in operations on 11 and 12 July, and the April to June 2024 quarter carries ¥9.79tn.
What the zero does and does not show
The monthly report covers 27 August to 28 September and records that no operations took place in it. It says nothing about the ministry's intentions, and the series gives no reasons for any operation. Intervention is an action the ministry chooses to take and then reports after the fact, so a month with none says only that the ministry did not act in that window.
The gap since 6 May is a fact readers can check against the historical series. The September tally is the first official check on the period that followed Katayama's vow.