Daily Management Review

Japan's Finance Ministry confirms first intervention in the foreign exchange market since 2022


According to CNBC, data from the Japanese Finance Ministry released on Friday verified that the foreign exchange market had been intervened in to lessen the yen's slide.

The Japanese government purchased currency with 9.79 trillion yen ($62.25 billion) between April 26 and May 29.

The ministry claims that this is the first time the government has intervened in the currency market since October 2022.

The dollar-Japanese yen exchange rate reached a 34-year high of 160.03 yen per dollar at the end of April. Now, one dollar is worth 157.16 yen.

The market has long suspected the Japanese government's actions to strengthen the yen. Bank of America analysts calculated that the first phase of the intervention will cost between 5 and 6 trillion yen.

source: cnbc.com