By Kevin Buckland<\/p>\n
TOKYO, May 29 (Reuters) – Japanese authorities spent 11.7 trillion yen ($73.5 billion) intervening in foreign exchange \u200cmarkets over the past month to support the \u200cyen, but with only limited effect as the currency hovers near \u200bthe same levels that prompted Tokyo to act.<\/p>\n
Ministry of Finance data released on Friday confirmed traders’ suspicions that officials entered the market at the turn of the month, likely on \u200cmultiple occasions during \u2060Japan’s Golden Week holidays, when market liquidity was thin.<\/p>\n
Tokyo acted as the yen dropped past \u2060160 per dollar, the same level that triggered record dollar-selling intervention in 2024.<\/p>\n
On April 30 this year, the yen \u200bsurged from \u200bas weak as 160.725 – a \u200bnearly two-year low – to \u200cas strong as 155.50. It extended gains to around 155 by May 6, but later resumed its decline, weakening to about 159.65 on Thursday.<\/p>\n
The yen has been battered by the Middle East crisis, as soaring energy prices deliver \u200ca terms-of-trade shock to Japan, \u200bwhich imports almost all of its \u200boil. That pressure has \u200bcompounded a longer-term weakening trend amid the \u200cBank of Japan’s cautious approach \u200bto monetary normalisation \u200bafter a decade of heavy stimulus.<\/p>\n
Friday’s figures show only the total amount spent on intervention. A detailed \u200bdaily breakdown will \u200cbe released with April-June quarter data, likely in \u200bearly August.<\/p>\n
($1 = 159.2600 yen)<\/p>\n
(Reporting by Kevin Buckland in \u200bTokyo. Editing by Mark Potter)<\/p>\n","protected":false},"excerpt":{"rendered":"By Kevin Buckland TOKYO, May 29 (Reuters) – Japanese authorities spent 11.7 trillion yen ($73.5 billion) intervening in…\n","protected":false},"author":2,"featured_media":508888,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[174],"tags":[15034,79,179,18,26030,19,17,386,8639],"class_list":["post-508887","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-bank-of-japan","tag-business","tag-economy","tag-eire","tag-foreign-exchange-markets","tag-ie","tag-ireland","tag-japan","tag-tokyo"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/116658552737939622","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/508887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=508887"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/508887\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/508888"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=508887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=508887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=508887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}