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2026-05-29 18:25:06
[Japan Spends 11.7 Trillion Yen Intervening in Foreign Exchange Market Over the Past Month to Support the Yen, with Limited Effect] ⑴ Data released by Japan's Ministry of Finance on Friday showed that authorities spent 11.7 trillion yen (approximately US$73.5 billion) intervening in the foreign exchange market over the past month to support the yen, but with limited effect. The yen remains hovering near the same level that prompted Tokyo's intervention. ⑵ Authorities intervened multiple times during Japan's Golden Week holiday at the end of April, when market liquidity was thin. At that time, the yen fell below the 160 level, hitting a near two-year low of 160.725 before rebounding sharply to 155.50. It further strengthened to around 155 on May 6, but subsequently resumed its decline, closing at around 159.65 on Thursday. ⑶ The yen was impacted by the Middle East crisis, with soaring energy prices causing a trade shock to Japan, which is almost entirely dependent on oil imports. This pressure exacerbated the yen's long-term weakening trend against the backdrop of the Bank of Japan's cautious approach to normalizing monetary policy after a decade of massive stimulus.
