Summary
- The Japanese government and the Bank of Japan were reported to have carried out a foreign-exchange intervention through yen buying and dollar selling.
- The report said the dollar-yen exchange rate fell from the upper 160 yen range to the 155 yen range after the intervention.
- Japanese Finance Minister Satsuki Katayama said "decisive action," signaling the possibility of direct intervention through dollar sales and yen purchases.
Forecast Trend Report by Period
Japan's foreign-exchange authorities appear to have intervened in the market by buying yen.
Nikkei reported on April 30 that the Japanese government and the Bank of Japan conducted a foreign-exchange market intervention by buying yen and selling dollars that day. A Japanese government official acknowledged the intervention, the newspaper said. The dollar-yen rate, which had risen to the upper 160 yen range earlier in the day, quickly fell to the 155 yen range after the move.
During trading in Tokyo on April 30, the dollar approached 160.7 yen, the highest level since July 2024, roughly one year and nine months ago.
Earlier that day, Japanese Finance Minister Satsuki Katayama told reporters at the Finance Ministry that the time was nearing to take the decisive action she had previously mentioned. Her remarks were interpreted as signaling direct intervention in the foreign-exchange market through dollar sales and yen purchases.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
