Japan spent ¥11.7 trillion on foreign exchange interventions in the past month
USD/JPY — All Desk Targets
| Firm | Stance | YE 2026 |
|---|---|---|
Goldman Sachs | Bearish | 165.00 |
MUFG | Bullish | 152.00 |
J.P. Morgan | Bullish | 142.00 |
All 23 desk targets for USD/JPY
From the original
That's a whopping figure as it is roughly equivalent to $73.4 billion in dollar terms. When compared with the previous intervention moves in 2022 and 2024, the size of this one beats out any of the singular period during those years. The total spent on interventions in 2024 is st
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4 itemsUSD/JPY: Largest quarterly intervention since 2004
Japan intervened repeatedly in forex markets during May holidays, source says
The desk interprets Japan's recent aggressive intervention in the forex markets as a clear signal of the government's commitment to defending the yen amidst significant depreciation pressures. Per the full note [source], Japan reportedly spent around $67 billion in total during interventions on April 30 and throughout the early May holidays, with estimates suggesting $32 billion was deployed between May 1 and May 6 alone. This level of intervention underscores the seriousness with which Tokyo is addressing the yen's decline, particularly in light of rising energy costs driven by geopolitical tensions in the Middle East. As the market digests these developments, traders should remain vigilant for further actions from the Bank of Japan (BOJ) should the yen continue to weaken.