Japan Intervenes in Currency Market to Stabilize Yen

Japan recently confirmed its first currency intervention since 2022, spending $62.25 billion to stabilize the yen, which had plunged to a 34-year low against the U.S. dollar in April. This intervention coincided with a sharp rebound in the Japanese currency, following sustained pressure after the Bank of Japan ended its negative interest rate policy. The Japanese Finance Minister expressed support for interventions if sharp currency movements started to impact households and companies. This action marks the first intervention by the Japanese government since October 2022, when the yen fell to lows of around 152 per dollar, with authorities reportedly spending as much as a combined 9.2 trillion yen over the period.

• Japan confirms first currency intervention since 2022, spending $62.25 billion
• Yen plunged to a 34-year low against the U.S. dollar in April, prompting the intervention
• This marks the first intervention by the Japanese government since October 2022
• Japanese Finance Minister expressed support for interventions to stabilize currency movements