Japan's Largest Ever Yen Intervention in April: 5.92 Trillion Yen Spent

Japan conducted a record-breaking yen-buying intervention on April 29, selling 5.92 trillion yen ($40.83 billion) worth of dollars to combat the yen’s decline. This intervention, along with an additional 3.87 trillion yen spent on May 1, aimed to stabilize the currency but ultimately failed to reverse its long-term weakening. The yen briefly strengthened by 5% but later hit a 38-year low in July, prompting further intervention. Japan’s foreign reserves fell to $1.22 trillion by the end of July, reflecting the sale of U.S. Treasury holdings to fund these interventions.

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