- The Federal Reserve said its participation in the late-July joint intervention to support the Japanese yen was a Treasury Department move, using Treasury funds.
- The Federal Reserve Bank of New York acted purely as fiscal agent for the US Treasury in the intervention.
- The Fed's System Open Market Account portfolio was not involved in the intervention, according to FOMC September minutes.
Quotes
“The Federal Reserve said on Wednesday that the US participation with Japan in intervening to support the Japanese yen in late July was a Treasury Department move, and that its own funds weren’t involved.”
“acting purely as fiscal agent for the US Treasury”