5 June 2024
Japan’s Finance Minister Shunichi Suzuki confirmed the government’s currency intervention aimed at countering speculative FX moves, stating it had a certain effect. This intervention, costing ¥9.8 trillion ($62.7 billion), was the first official acknowledgment of the action. The yen strengthened after interventions between April 26 and May 29, suggesting effectiveness, though the exact timing remains undisclosed. Officials often stay silent post-intervention to maintain market uncertainty and prevent excessive currency movements.