Japan Conducts Record Yen Intervention Amid Persistent Currency Pressure
Japanese authorities intervened in foreign exchange markets in April to prop up the yen, conducting a record single-day intervention on April 30. The Ministry of Finance (MOF) revealed that they sold $40 billion of Japan's currency reserves during this period.
The largest operation took place on April 30, with authorities selling ¥6.28 trillion ($39.64 billion), surpassing the previous record set in 2024. This intervention helped lift the yen from a near two-year low to around 155 per dollar by May 6, but did not reverse its broader downtrend.
The yen resumed its decline, sliding to 40-year lows below 163 per dollar in July, prompting Japan to intervene again last week. In this latest operation, Tokyo and Washington coordinated their efforts, with the U.S. Treasury selling euros to buy yen.