Japan Sets Record with Massive Yen-Buying Operation

The Japanese government and the Bank of Japan conducted their largest-ever yen-buying operation in a single day on April 30, purchasing 6.2787 trillion yen for dollars. This move topped the previous record of 5.9185 trillion yen set on April 29, 2024.

The intervention occurred during the country's Golden Week holiday period and was part of a larger effort to carry out currency market operations on three days in total. In addition to April 30, Japanese authorities bought yen on May 4 (780.2 billion yen) and May 6 (4.6759 trillion yen), bringing the three-day total to 11.7349 trillion yen.

This marked the first time since July 2024 that Japan has carried out currency market intervention. The exact strategy behind this move is not specified, but it may be aimed at stabilizing the value of the Japanese yen in foreign exchange markets.