Japan spent $74 billion propping up the yen. Investors say the real battle is with the Fed

Yen intervention alone is unlikely to reverse losses while wide U. S. -Japan rate differentials keep supporting the dollar, said analysts.

Source: [CNBC](https://www.cnbc.com/2026/07/01/japan-yen-40-year-low-intervention-fed-boj-carry-trade.html)