Japan Spent Record ¥9.8 Trillion ($62.2 Billion) on FX Intervention by May 31 to Support Yen

May 31, 2024, 10:02 AM

Japan's Ministry of Finance (MOF) confirmed that the country spent a record ¥9.8 trillion ($62.2 billion) on foreign exchange (FX) intervention from April 26 to May 29, 2024, to support the weakening yen. This intervention, which was reported on Friday, May 31, 2024, represents the highest monthly expenditure on FX intervention by Japan. The persistent weakness of the yen has prompted the Japanese government to take significant measures to stabilize its currency. Credit Agricole had earlier indicated the likelihood of this intervention.