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Japan’s April yen-buying intervention sets fresh daily record

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TOKYO, Aug 7 : Japanese authorities conducted a record single-day yen-buying intervention in foreign exchange markets in April, selling $40 billion worth of dollars, as they resumed massive yen-buying operations to stem the yen’s slide.

Quarterly data from the Ministry of Finance (MOF) released on Friday showed Japan intervened on three days from April 30 through May 6, when market liquidity was thin due to Japan’s Golden Week holidays.

The largest operation amounted to 6.28 trillion yen ($39.64 billion) on April 30, surpassing the previous single-day record of 5.92 trillion yen spent on April 29, 2024, according to MOF data dating back to 1991.

The latest data provides a detailed daily breakdown of the previously revealed 11.7 trillion yen intervention made during the period from April 28 through May 27.

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The intervention helped lift the yen from a near two-year low of 160.725 per dollar to around 155 by May 6, but failed to reverse the currency’s broader downtrend.

The yen resumed its downturn, sliding to 40-year lows below 163 per dollar in July, prompting Tokyo to intervene again last week, this time in coordination with Washington.

($1 = 158.4200 yen)

Source: Reuters

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