According to CoinMeta, the United States confirmed that it had used approximately $500 million equivalent in euros to intervene in the foreign exchange market in order to support the Japanese yen. A quarterly foreign exchange intervention report released by the Federal Reserve of New York confirmed this claim, stating that the U.S. Treasury Department collaborated with Japan on July 31 to intervene in the market by purchasing 79.4 billion yen and selling euros from the Exchange Rate Stabilization Fund. At current exchange rates, this amount is roughly $497 million. The purpose of this action was to address what the U.S. Treasury Department viewed as disorderly fluctuations in the yen exchange rate. The report also reiterated that the Federal Reserve did not participate in this intervention. At that time, the dollar-to-yen exchange rate rose to 163.9, hitting its lowest level since the 1980s. According to data from Japan's Ministry of Finance, as of August 26, Japan had invested a record $97.5 billion in these intervention efforts.