ECB warns future U.S. yen intervention involving euros requires coordination

The European Central Bank has warned that any future U.S. intervention in the Japanese yen involving the sale of euros would need to be coordinated with the ECB.
The comments underscore the complexity of coordinated foreign-exchange intervention when transactions involve currencies managed by multiple major central banks.
For $JPY, intervention expectations can create sharp short-term volatility, particularly when authorities signal concern about disorderly currency moves.