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A lesson about 'free markets' from the 'Free World'
10:23a ET Sunday, August 2, 2026
Dear Friend of GATA and Gold:
If the Financial Times is correct below, the major governments and central banks of the "Free World" -- the U.S., Western Europe, and Japan -- were all involved in last week's "historic" intervention in support of the Japanese yen.
The major governments of the totalitarian world -- China and Russia -- were not involved. Maybe they were too busy rigging their own markets.
The intervention was the result of conspiracy -- policy concocted and executed in secret -- but no respectable financial news organization called it such.
... Dispatch continues below ...
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Are these governments and central banks ever privately communicating and coordinating their policies about gold? Respectable financial news organizations don't ask. People who pursue that question and even document such communications and policies, as has been done here --
https://www.gata.org/node/20925
-- are still at risk of being dismissed in polite company as conspiracy theorists.
Here is a chart of the U.S. dollar priced in Japanese yen last week:
https://www.gata.org/sites/default/files/USD-to-Yen-Week-Of-07-27-2026.pdf
How would "technical analysis" explain it? How come technical analysis didn't foresee what happened? And how reliable is "technical analysis" in any market so manipulated by governments and central banks?
Or is that question posed only by conspiracy theorists?
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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U.S. Treasury Undertakes Historic Intervention in Yen Market
By Kate Duguid, Claire Jones, Katie Martin, Ian Smith, and David Keohane
Financial Times, London
Friday, July 31, 2026
The U.S. Treasury intervened in yen exchange rates on Friday, marking the first time Tokyo and Washington joined forces to support the Japanese currency via outright purchases in nearly 30 years.
The Federal Reserve Bank of New York undertook the unusual move of conducting a sale of euros to buy yen on behalf of the Treasury, according to three people familiar with the matter.
The sales were conducted through Goldman Sachs and Morgan Stanley, according to two of those people.
The Treasury had earlier told several banks on Wall Street that it was considering an intervention to support the Japanese currency, which on July 23 hit its weakest level against the dollar since 1986.
U.S. authorities were in touch with European Central Bank officials about the move, according to people familiar with the matter.
The New York Fed and Goldman Sachs declined to comment. The Treasury Department and Morgan Stanley did not immediately respond to a request for comment. ...
Atsushi Mimura, Japan's vice-minister of finance for international affairs, said: "We understand that we are receiving support from the U.S. authorities that goes beyond mere moral support. We have been in constant contact with them." ...
... For the remainder of the report:
https://www.ft.com/content/0f9b2fe7-bde4-4f5f-b49e-93ccb5da9ea8?syn-25a6b1a6=1
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"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
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| Attachment | Size |
|---|---|
 USD-to-Yen-Week-Of-07-27-2026.pdf | 1.19 MB |
