Economy
Japan Confirms $74.4 Billion Currency Intervention in April-May
Japan's Finance Ministry confirmed on May 31 that it spent a total of 11.73 trillion yen ($74.4 billion) on foreign exchange intervention in April and May, the first detailed disclosure after weeks of market speculation. The operations occurred on April 29 and May 4 when the yen hit a 24-year low against the U.S. dollar, surpassing 150 yen per dollar. Analysts said the spending was higher than expected, showing the government's commitment to stabilizing the yen amid the BOJ's ultra-loose monetary policy.