Japan spent a record 15.3993 trillion yen, or about $96 billion, intervening in foreign-exchange markets between July 30 and August 26 to curb the yen’s rapid depreciation, government data released Friday showed. The spending exceeded the previous monthly record of $73.4 billion used in three intervention rounds in April and May.

The intervention followed the dollar’s rise to 163.99 yen on July 23, its highest level against the Japanese currency in nearly four decades. Japanese authorities began market action on July 30, followed by coordinated intervention with the United States during New York trading on July 31, the first joint action by the two countries in 15 years.

The coordinated move briefly pushed the dollar below 155 yen, but it later strengthened again and was trading at around 159 yen. Persistent selling pressure on the yen has been linked to concerns over Japan’s fiscal condition, the government’s expansionary spending policy without a detailed financing plan, and increased demand for the dollar as a safe investment amid uncertainty surrounding the Iran war. A weaker yen has raised import costs for energy, food and raw materials.