Largest Currency Intervention in History by US and Japan to Support the Yen
There has never been a currency intervention in history that has worked.
Source: Mish Talk
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DW NOTE
The intervention Mish references is likely dead on arrival — not because interventions never work, but because they work only when they align with fundamentals. When Japan intervened in 2022 to defend ¥145, the BOJ was still running negative rates while the Fed was hiking into restrictive territory. The differential made the trade obvious: sell yen, collect the spread. Now the Fed funds rate sits at 3.63% while Japan remains anchored near zero. Until that gap closes, coordinated intervention is just expensive performance art.