On July 31, 2026, the US and Japanese governments conducted their first joint intervention in the foreign exchange market since 2011, which also marked their first coordinated purchase of the Japanese yen since the 1998 Asian Financial Crisis. One of the core tools that played a pivotal role in this operation was the Federal Reserve's FIMA (Foreign and International Monetary Authorities) Repo Facility. The backdrop to this intervention was the yen plunging to a near 40-year l