Japan Spends Record ¥6.28 Trillion to Stabilize Slumping Yen

Japan's finance ministry revealed that it spent a record-breaking ¥6.28 trillion ($40 billion) on April 30 in a single-day intervention to stabilize the yen, which had been sliding rapidly at the time.

The massive injection of funds into the market was part of a larger effort to prop up the currency, with authorities spending an additional ¥780.2 billion on May 4 and ¥4.68 trillion on May 6 during the country's Golden Week holidays.

The interventions sent the dollar sharply lower to the 155 yen range from the upper 160 yen zone but ultimately failed to sustain its gains, with the U.S. currency rebounding back to a record high of 163.99 in late July.