Good morning.

Record currency intervention by Japan: According to Bloomberg reporting, the Japanese Ministry of Finance spent $96 billion in the month ending August 26 to support the yen—a record one-month level augmented by the rare joint and coordinated action with the US on July 31. After strengthening to nearly 156 per dollar immediately following the joint intervention (chart below), the yen has weakened back toward 160, a level widely viewed as a possible trigger line for further intervent — via @elerianm

Record $96B Japan intervention and rare US coordination signal major FX policy shift.