The latest estimate brings the total amount spent on suspected interventions in May and on April 30 to around 10 trillion yen.
Sharp swings were seen on the foreign exchange market on Friday, Monday and Wednesday, with the Japanese currency briefly jumping 1 to 2 yen against the U.S. dollar into the 155 zone, sparking speculation that the government carried out additional rounds of intervention after its yen-buying operation on April 30.
On Wednesday, during Japan’s public holiday, the yen rose from the upper 157 range to the lower 155 level against the dollar at one point, marking its strongest level since late February.
The yen also briefly climbed to the upper 155 range from the lower 157 zone on Monday, while on Friday it strengthened from the lower 157 range to the mid-155 level.
Atsushi Mimura, Japan’s vice finance minister for international affairs, on Thursday declined to confirm whether any action had been taken, only saying “there is no particular need to make a comment.”
The additional suspected intervention came after Japanese authorities stepped into the currency market on April 30 to curb the yen’s steep fall against the dollar, the first such move since July 2024. The yen later briefly surged to the 155 level from the upper 160 range against the dollar.
In July 2024, Japan disbursed a total of 5.53 trillion yen to support its home currency after it had weakened to around a 38-year low against the dollar near the 162 line.
