Macquarie: The United States may use $500 million to intervene in the yen during joint interventions, with the "signal effect" far exceeding the scale of the funds.

According to Zhitong Finance APP, Gareth Berry, the head of foreign exchange and interest rate strategy at Macquarie, stated that the signaling effect of the joint intervention by the United States and Japan in the yen exchange rate "is far more influential than the scale of capital flows themselves." In a recent report, Berry wrote, "We estimate that U.S. authorities sold 500 million worth of euro/yen on July 31." He pointed out that "in terms of scale, this is merely a drop in the bucket compared to Japan's estimated sale of $85 billion worth of dollar/yen over the two days from July 30 to 31."