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Japan confirms $62 billion currency intervention to prop up weak yen 6park.comMay 31 (UPI) -- The Japanese Finance Ministry on Friday confirmed it spent trillions of yen over the past month to slow its dramatic fall against the U.S. dollar. 6park.comThe finance ministry said it spent $62.25 billion from April 26 to May 29, marking a monthly record and its first currency intervention since Tokyo spent $59 billion to prop up the yen in 2022. 6park.comJapanese officials had said they would take "appropriate" measures to fight volatility in foreign currency exchange but sought to stop the fall through stealth intervention, without publicly announcing its involvement. 6park.comThe timing of the government actions appears to match a rise in the yen after it tumbled to a 34-year low against the U.S. dollar on April 29. | |||
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