Official exchange rate data from Bank of Japan and global financial markets

Japan Spends Record 9.8 Trillion Yen ($62 Billion) on First Currency Intervention Since 2022

May 31, 2024, 10:18 AM

Japan has confirmed its first currency intervention since 2022, spending a record 9.8 trillion yen ($62 billion) between April 26 and May 29 to prop up the yen. The Ministry of Finance (MOF) reported that the intervention totaled 9.7885 trillion yen, surpassing the amount used for all interventions in 2022 and setting a fresh monthly record. Despite the substantial expenditure, the yen's weakness persists, posing ongoing challenges for Japan's economy.