Japan Spends 11.7 Trillion Yen to Support Yen Amid Weakness

Japan's Ministry of Finance announced on Friday that the country spent 11.7 trillion yen (approximately $73 billion) between April 28 and May 27 to support its struggling currency, the yen. According to Jin10, this move is part of Japan's ongoing efforts to curb the yen's weakness and keep inflation within manageable limits. The data confirms market speculation of a 'sell dollar, buy yen' foreign exchange intervention, believed to have occurred around Japan's 'Golden Week' holiday in late April to early May. Previously, data from the Bank of Japan suggested that interventions on April 30 amounted to about 4 trillion yen, with further interventions between May 1 and 6 totaling approximately 4.5 trillion yen.