Japan’s Finance Ministry revealed on Wednesday that the country spent a record 5,918.5 billion yen in a foreign exchange market intervention on April 29. This figure marks the highest amount ever spent in a single day on yen-buying, dollar-selling operations.
The intervention was conducted using a “stealth” approach, where financial authorities opt not to immediately disclose their actions to enhance the impact of the operation. This strategy aims to strengthen the effectiveness of such interventions by preventing market speculation.
Previously, the record stood at 5,620.2 billion yen, spent on October 21, 2022. Additionally, the report indicated that authorities engaged in a similar intervention on May 1 of this year, spending 3,870 billion yen.
On April 29, during Japan’s national holiday when the Tokyo market was closed, the U.S. dollar surged above 160 yen in overseas trading but subsequently dropped below 155 yen following the intervention. Similarly, on May 1, the dollar’s value fell from above 157 yen to approximately 153 yen in international trading.
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