Japan Spends Record 11.7 T. Yen in April-May Forex Interventions

Tokyo, May 29 (Jiji Press)--Japanese authorities spent 11,734.9 billion yen in foreign exchange market interventions from April 28 to Wednesday, with the amount hitting a record high on a monthly basis, the Finance Ministry said Friday.

The dollar plunged against the yen on April 30 and between May 1 and 6, which prompted speculation that the Japanese government and the Bank of Japan had intervened in the market several times to curb the yen's rapid fall.

The amount for each day of intervention is expected to be announced in August.

It was the first intervention since July 2024. The scale of the latest interventions far exceeded the previous monthly record high of 9,788.5 billion yen from late April to late May of the same year.

On the night of April 30 this year, the dollar plunged from around 160 yen to around 155 yen, soon after Japanese Finance Minister Satsuki Katayama referred to taking "decisive action."

[Copyright The Jiji Press, Ltd.]