Japan's Ministry of Finance confirmed on May 31 that it carried out a record ¥6.28 trillion (about $40 billion) foreign exchange intervention on April 30 to stem the yen's slide against the dollar. This marks the largest single-day currency intervention expenditure in Japan's history.
According to the ministry, this intervention was part of a series of three yen-buying, dollar-selling operations carried out within one week. In addition to April 30, Tokyo also intervened on May 1 and May 2, with total interventions between April 26 and May 29 reaching ¥9,788.5 billion.
The move came as the yen weakened persistently, at one point touching a 34-year low against the dollar. Japanese officials repeatedly warned they would take decisive action to counter excessive volatility in the foreign exchange market.
The intervention data was disclosed under Ministry of Finance regulations aimed at enhancing transparency in exchange-rate management. Analysts said the scale of the intervention reflects the Japanese government's determination to defend the domestic currency, while also highlighting the significant exchange-rate pressure facing Asia's fourth-largest economy.
