Official announcements from the Ministry of Finance or other government sources

Japan Spends $36.6 Billion (5.53 Trillion Yen) on FX Intervention to Support Yen

Jul 31, 2024, 10:05 AM

Japanese authorities have spent approximately $36.6 billion to $37 billion in foreign exchange interventions over the past month to support the yen, according to the Ministry of Finance. The intervention, which took place from June 27 to July 29, amounted to 5.53 trillion yen. This significant move was aimed at countering speculators betting against the yen and has led to a rally in the currency, pulling it off 38-year lows. The intervention has also disrupted carry trades that exploit differences in interest rates and often utilize the yen.