Yen Intervention Costs Record $60 Billion

Japan's Ministry of Finance spent over 9 trillion yen (approximately $60 billion) in two intervention rounds to stabilize the Japanese yen against the U.S. dollar, which had hit a 34-year low.

The first round on April 29 was followed by a second round on May 2, marking the largest single intervention period in history.

The intervention succeeded in pushing the yen back to mid-May levels, with the currency strengthening from around 160 to approximately 155 per dollar. However, market analysts remain cautious about its long-term sustainability.

According to a major Tokyo-based brokerage, the intervention provided a temporary floor for the yen but sustained recovery would require a shift in monetary policy by the Bank of Japan or a change in U.S. interest rate expectations.