The Federal Reserve said on Wednesday that the joint U.S.-Japan currency market intervention in late July to support the yen was an action taken by the U.S. Treasury Department and did not use the Fed's own funds.
Minutes from the Federal Open Market Committee's (FOMC) September meeting showed that the New York Fed carried out the intervention "solely in its capacity as fiscal agent of the U.S. Treasury," using Treasury funds.
The minutes indicated that the Fed's so-called System Open Market Account (SOMA) portfolio did not participate in the operation. That account holds the Fed's U.S. government bonds and other securities.
The minutes did not disclose the exact timing or scale of the intervention.
U.S. Treasury Secretary Scott Bessent said last month that the United States used only a "trivial" amount of funds in the operation and described the move as being in America's interest.
The yen's weakness has become a growing concern for Japanese policymakers, as it drives up import prices and household living costs.
Meanwhile, U.S. President Donald Trump has criticized the weak yen, arguing that it gives Japanese manufacturers an unfair trade advantage.
The late-July action marked the first joint currency market intervention by Tokyo and Washington in nearly 30 years to support the yen. It came after the yen fell to its lowest level against the dollar since the 1980s, prompting officials from both countries to act.
On Wednesday, the yen was roughly flat against the dollar at 157.95.
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