Japan Unleashes Record Yen Intervention as Currency Continues Slide
Japan's Finance Ministry data revealed that the country conducted its largest single-day yen-buying intervention on record in April, selling approximately $39.64 billion worth of dollars to stem the currency's slide.
The intervention, which took place on April 30, involved a massive operation totaling 6.2787 trillion yen and surpassed the previous single-day record of 5.92 trillion yen spent on April 29, 2024.
During this period of thin market liquidity linked to Japan's Golden Week holidays, authorities intervened on three separate days from April 30 through May 6, lifting the yen from a near two-year low of 160.725 per dollar to around 155 by May 6.
However, the intervention failed to reverse the currency's broader downtrend, and the yen later slid to 40-year lows below 163 per dollar in July, prompting Tokyo to intervene again last week in coordination with Washington.