NY FED: THE FEDERAL RESERVE DID NOT INTERVENE IN FX MARKETS DURING Q3; US TREASURY PURCHASED JAPANESE YEN IN FX MARKETS DURING THE SAME PERIOD.

The New York Fed reported that the Federal Reserve did not intervene in foreign exchange markets during the third quarter, while the US Treasury purchased Japanese yen during the same period. The distinction matters because Treasury FX operations are funded from the Exchange Stabilization Fund, whereas Fed intervention would be conducted on its own balance sheet, so the report points to a yen-support operation executed by the fiscal side rather than the central bank. Such purchases work through direct supply-and-demand in the spot market, a channel that can temporarily strengthen the yen against the dollar even when interest rate differentials remain wide, which tends to weigh most heavily on USD/JPY and on carry-trade positioning funded in yen. The yen pair and Japanese government bond yields are the most directly exposed, with USD/JPY sensitive to any renewed signs of official buying, while Treasury market participants will monitor whether the disclosure shifts expectations for dollar demand from foreign official accounts. Traders should watch the next Treasury and New York Fed quarterly FX operations disclosures for confirmation of the size and timing of any further yen purchase

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