US-Japan yen intervention is another defeat for Tokyo

CommentGovernment must change macroeconomic policy to bolster yenGen. Douglas MacArthur arrives at Atsugi Airfield in occupied Japan on Aug. 30, 1945. (ACME/Kyodo)SHIGESABURO OKUMURAAugust 12, 2026 10:18 JSTTOKYO -- Daiichi Life Insurance's head office building in Tokyo was commandeered after World War II to serve as the general headquarters of Gen. Douglas MacArthur, supreme commander of the Allied occupation.Read NextCurrenciesWhy yen intervention had limited impact: Market doubts over Japan's policyCurrenciesJapan-US yen intervention seen just buying time against Tokyo's loose stanceOpinionFive reasons why Bessent's yen rescue comes with strings attachedMarketsGrowing expectations for faster BOJ rate hikes push up bond yieldsPoliticsTakaichi's tax cut plan exposes fault line with US ove