Japan Drops $40 Billion on Record Yen Intervention

Japan's intervention in the foreign exchange market has been a dramatic one. In April, Tokyo carried out its largest-ever one-day operation to buy yen, selling $40 billion of Japan's foreign-exchange reserves in an attempt to curb the national currency's decline.

The intervention, which lasted three days from April 30 to May 6, saw Japanese authorities sell ¥6.28 trillion on April 30, exceeding the previous one-day record of ¥5.92 trillion set in 2024.

The total volume of interventions for the month reached ¥11.7 trillion, carried out between April 28 and May 27.