---
title: The US Funded Its Yen Intervention by Selling Euros, Not Dollars
description: Japan had already sold ¥11.7 trillion of dollars defending the yen, and the European Central Bank heard about Washington's move only after the trade.
author: Darie Nani (Editor-in-Chief)
date: 2026-08-10T07:46:33.209Z
updated: 2026-08-10T07:46:33.217Z
canonical: https://www.sovereignmagazine.com/article/us-sold-euros-yen-intervention-treasury
image: https://cdn.nanimediahouse.com/us-treasury-yen-euro-intervention-129579.webp
categories: Markets
content_type: Analysis
region: Global
publication: Sovereign Magazine
access: members
schema_type: Article
---

The US Treasury and Japan's Ministry of Finance bought yen together on 31 July. The Financial Times reported that Washington paid for its side of the operation by selling euros rather than dollars, and that it told the European Central Bank only after the trade had gone through.

In a post on X on 7 August, the Financial Times wrote that "some senior ECB officials viewed the US's decision to use euros in its trade as an unprecedented breach of longstanding conventions on co-operation between western monetary authorities". ECB president Christine Lagarde and US Treasury Secretary Scott Bessent spoke on Saturday 1 August, the day after the trade.

## Tokyo Confirmed the Operation Three Days Later

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