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Japan reportedly intervened in the foreign exchange market during the Golden Week holidays in early May to stabilize the yen and curb speculative trading, according to Reuters. The move came after the USD/JPY exchange rate surged beyond the critical 160 yen level in late April, triggering concerns among Japanese authorities over the rapid weakening of the currency.
The Japanese yen later recovered some ground, with the USD/JPY pair trading near 156.85 on Friday. Earlier this week, the pair briefly dropped to the 155 level, marking the yen’s strongest position since late February. Analysts believe Tokyo strategically chose the holiday period for intervention because lower market liquidity during Golden Week can amplify the impact of large currency operations.
Reuters calculations based on Bank of Japan money market data suggest Japan may have spent nearly 5 trillion yen, or around $32 billion, to support the currency. Currency intervention typically involves the Bank of Japan purchasing yen in the foreign exchange market to strengthen its value against the U.S. dollar. Japan has previously taken similar action to counter pressure on the yen caused by geopolitical tensions and global market volatility.
Investor attention is now turning toward the Bank of Japan’s monetary policy outlook. Expectations for a June interest rate hike increased after stronger-than-expected wage growth data for March. Although the BOJ kept interest rates unchanged during its latest policy meeting, officials indicated they remain prepared to tighten monetary policy further if inflation continues to rise in line with forecasts.
Despite the intervention, analysts remain cautious about the yen’s long-term strength. OCBC analysts noted that while a June BOJ rate hike is possible, Japan’s monetary policy still lags behind global peers, limiting sustained support for the Japanese currency. The firm maintained its end-2026 USD/JPY forecast at 155.
