Japan spent record ¥6.28 tn in forex intervention on April 30
AgenciesJapanese authorities spent a single-day record of 6.28 trillion yen ($40 billion) in a dollar-selling, yen-buying intervention on April 30 to stem the yen’s slide that was...
On April 30, Japan's authorities executed a record ¥6.28 trillion ($40 billion) intervention in the foreign exchange market, with the aim of stabilizing the yen after it had depreciated significantly. This was the single largest intervention in history, surpassing the ¥5.92 trillion spent on April 29, 2024. The aggressive measures were followed by two more interventions within the week, totaling around ¥11.73 trillion from April 28 to May 27.
The interventions were aimed at preventing the yen from sliding further, amid concerns about Japan's fiscal health under Prime Minister Sanae Takaichi's implementation of aggressive fiscal spending. The interventions sent the U.S. dollar sharply lower to the 155 yen range, but it later recovered to around 163.99 yen, a level not seen in nearly four decades.
The yen's current weakness is attributed to worries about the country's economic stability following the aggressive fiscal spending. The ministry also released data on Japan's foreign reserve assets at the end of July, which is expected to include the impact of the late July interventions when the data for August is released.
Written by urgent.news from Qatar Tribune Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
