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2026-05-28 14:52:33
[Foreign Exchange Traders Await Official Japanese Data; May Have Intervened in Currency Market with Up to 10 Trillion Yen] ⑴ Foreign exchange traders are eagerly awaiting official data from Japan's Ministry of Finance on Friday to understand how much effort the authorities have put into supporting the yen over the past month. The yen is currently under pressure around 160 yen to the dollar. ⑵ The yen rebounded in late April and early May after the Ministry of Finance instructed the central bank to intervene in the market to defend the exchange rate, but has since given back most of those gains. ⑶ Preliminary analysis of the Bank of Japan's accounts suggests that the authorities may have used up to 10 trillion yen (approximately US$63 billion) to boost the yen from April 30th until the end of Japan's "Golden Week" holiday on May 6th. ⑷ Although Japanese officials declined to comment directly on whether there was intervention, a source familiar with the matter said that there was indeed intervention on April 30th, and the exchange rate movement until May 6th also showed characteristics of government buying.
