Japan Intervenes With $34.5 Billion to Support Yen on Thursday, Currency Surges Over 3%

According to analysis of Bank of Japan accounts, Japan intervened in currency markets on Thursday with approximately $34.5 billion (5.4 trillion yen) to support the yen, marking its first intervention since July 2024. The move came after Finance Minister Sayuri Yamamoto warned of "decisive action" earlier that evening, following which the yen surged more than 3%.

A source confirmed authorities entered the market during the intervention. The Central Bank's Friday data showed the current account is expected to decline by 9.48 trillion yen next Thursday (the first business day after the Golden Week holiday), significantly larger than brokers' earlier forecasts of 4.08 trillion yen. This marks Yamamoto's first currency intervention since taking office.