Japan Intervenes in Currency Market Three Times to Support Yen

Japan's central bank intervened in the currency market three times during the spring Golden Week holiday to prop up the yen. The interventions took place on April 30, May 4, and May 6, according to daily intervention data from the Finance Ministry for the quarter through June released on Friday.

The Tokyo government bought a record amount of yen on April 30, with the exact figure not disclosed. This move was followed by further interventions on May 4 and May 6, as part of an effort to maximize the psychological impact on investors.

While Japan's recent twin-punch playbook involved buying and selling the currency at the same time, this additional round suggests a more aggressive approach from the government.