Japan Seen Having Conducted Yen-Buying Intervention Thurs.

Tokyo, May 1 (Jiji Press)--The Japanese government and the Bank of Japan are believed to have conducted a yen-buying, dollar-selling market intervention on Thursday night, it was learned Friday.

The amount of the intervention has been estimated at around 5-6 trillion yen. The estimate by market participants is based on current account deposit data released by the BOJ on Friday.

The yen rose sharply in the foreign exchange market following the yen-buying intervention, the first such action since July 2024.

The Japanese currency continued to attract buying in Tokyo trading on Friday, with the dollar briefly slipping below 156 yen, down sharply from pre-intervention levels above 160.50 yen. Caution over further intervention led to the sustained trend of yen buying, market sources said.

At 5 p.m., the dollar stood at 156.62-63 yen, compared with 160.14-15 yen at the same time on Thursday.

[Copyright The Jiji Press, Ltd.]