Japan spent 11.7 trillion yen over the past month to intervene in the foreign exchange market to support the yen, with limited effect.
- Data released by Japan's Ministry of Finance on Friday showed that authorities spent 11.7 trillion yen (approximately $73.5 billion) over the past month intervening in the foreign exchange market to support the yen. However, the effect was limited, with the yen still hovering near the same level that prompted Tokyo to take action.
- Authorities entered the market multiple times during the Golden Week holiday at the end of April, when market liquidity was thin. At that time, the yen fell below the 160 mark, hitting a nearly two-year low of 160.725 before sharply rebounding to 155.50. By May 6, it strengthened further to near 155, but then resumed its decline and was quoted around 159.65 on Thursday.
- The yen has been affected by the Middle East crisis, and the surge in energy prices has hit the trade balance of Japan, which relies almost entirely on oil imports. Against the backdrop of the Bank of Japan's cautious attitude towards normalizing monetary policy after a decade of massive stimulus, this pressure has intensified the long-term trend of yen depreciation.
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