Japan’s Ministry of Finance bought yen on July 31 in coordination with the U.S. Treasury and Tokyo “will not hesitate” to conduct further coordinated intervention, Japanese Finance Minister Satsuki Katayama confirmed in a statement Monday.

Treasury Secretary Scott Bessent also confirmed the operation, described the Federal Reserve’s Foreign and International Monetary Authorities repo facility as “an important backstop” and urged that it “be upsized in the coming months.”

It was the first American participation in yen-buying since 1998. The dollar fell about 1% to 156.34 yenafter the confirmation, extending a retreat from above 163 the previous