Japan’s Ministry of Finance announced on May 31 that the total amount of foreign exchange intervention to support the yen against the US dollar by the government and the Bank of Japan from April 26 until May 29 was approximately 9.789 trillion yen.

The government and the BOJ intervened in the currency market for the first time In about a year and a half since October 2022, when the US dollar-yen exchange rate exceeded the 160-yen level, the highest level in 34 years.

It is believed that another intervention was made on June 2.

Market participants estimated that the scale of the intervention on May 29 was 5 trillion yen, and the intervention on June 2 was 3 trillion yen.

The dollar-yen exchange rate as of the morning of May 31 was in the low 157-yen range.

Finance Minister Suzuki Shunichi warned the market at a press conference on May 31, saying concerned officials are carefully watching market trends and they will take appropriate action against excessive move.