Data from Japan's Ministry of Finance for the April-to-June period shows the yen was purchased on three separate trading days. When combined with last week's intervention, this suggests Japanese authorities may have used up the allowable intervention quota for fiscal year 2026 under International Monetary Fund (IMF) rules.

Following a coordinated yen-buying effort with the U.S. Treasury, the six-month intervention timer has been reset. This effectively means Japan will be unable to intervene again until early 2027.

This is good news for currency traders hoping to re-engage in carry trades. However, some investors question whether the old rules-based system still holds any practical force in the Trump era.