Overview
- Japan, which traders say stepped in during Golden Week, saw the yen lurch from about 157.8 per dollar to near 155 on Wednesday in thin holiday trading in what markets read as fresh yen‑buying worth roughly ¥5–6 trillion.
- Tokyo’s top currency diplomat Atsushi Mimura said Thursday the IMF’s free‑float label does not cap how often Japan can act, adding that officials are watching markets closely as they try to deter speculative selling.
- Central‑bank and money‑market data cited in multiple reports point to recent spending of about ¥5.01 trillion to support the yen, reinforcing estimates that early‑May operations totaled roughly $32–38 billion.
- Banks warn the relief may not last because the U.S.–Japan rate gap and high oil costs still favor a weak yen, and recent swings also reflected shifting bets on a possible U.S.–Iran deal that could ease energy pressures.
- U.S. Treasury Secretary Scott Bessent is due in Tokyo next week for talks expected to cover yen weakness, as Japan weighs how far to keep intervening near the psychologically key 160‑per‑dollar level and how rising import costs are hitting households.