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5h ago

Japan Intervenes to Prop Up Yen

Officials warn speculators of further action during Golden Week.

U.S. dollar, Euro, Yen and Pound banknotes are seen in this illustration taken May 4, 2025. REUTERS/Dado Ruvic/Illustration
Banknotes of Japanese yen are seen in this illustration picture taken September 23, 2022. REUTERS/Florence Lo/Illustration
The Japanese national flag waves at the Bank of Japan building in Tokyo, Japan March 18, 2024. REUTERS/Kim Kyung-Hoon
A view inside the New York Stock Exchange (NYSE) on the day of Pershing Square Inc.'s IPO, in New York City, U.S., April 29.

Overview

  • Japan bought yen in the market on Thursday after the dollar rose past 160 per yen.
  • The move lifted the yen about 3%, taking dollar/yen near 155.5 from the day’s highs.
  • Atsushi Mimura warned that authorities stand ready to act during the holiday lull and said Tokyo is in close contact with U.S. officials.
  • Bloomberg’s read of central bank data suggests the operation cost about ¥5.4 trillion, or roughly $34.5 billion.
  • Analysts say a wide U.S.–Japan rate gap and high oil prices keep pressure on the currency, and officials have even flagged possible steps in crude oil futures if energy swings spill into forex.