Japan has reportedly intervened in the currency market by purchasing approximately $35 billion worth of yen, causing the dollar to decline nearly 3% to 155.5. According to NS3.AI, data from the Bank of Japan (BOJ) suggests this scale of intervention, and confirmation from the Ministry of Finance would mark Japan's first official action to support the yen in almost two years, making it the second-largest intervention on record. The short-rate gap between the BOJ and the U.S. Federal Reserve remains around 275–300 basis points, which is a key factor driving yen-funded carry trades.