Japan Conducts Record 6.28 Trillion Yen Currency Intervention

The Ministry of Finance of Japan conducted a record single-day currency intervention on April 30, selling 40 billion dollars to support the yen. Quarterly data released on August 7 reveals the operation totaled 6.28 trillion yen, surpassing the previous single-day record of 5.92 trillion yen set on April 29, 2024.

This action was part of a broader 11.7 trillion yen intervention effort spanning April 28 to May 27, with the heaviest activity occurring between April 30 and May 6 during the Golden Week holidays. The initial measures successfully lifted the yen from a near two-year low of 160.725 per dollar to approximately 155 by May 6.

Despite the record intervention, the currency later plummeted to 40-year lows below 163 per dollar in July. This renewed decline led to further intervention last week, which the Japanese government conducted in coordination with the federal government of the United States.