
PANews May 1 news, according to Jinshi reports, based on the analysis of the Bank of Japan's accounts, Japan may have used about $34.5 billion on Thursday for its first currency intervention since July 2024 to support the yen. By comparing the Bank of Japan's accounts with the predicted data from currency brokers, the scale of this intervention may be around 5.4 trillion yen. In 2024, Japanese authorities acted four times to support the yen, averaging about 3.8 trillion yen each time. On Thursday evening, Japanese Finance Minister Katsuyama May warned that "decisive action" is coming, after which the yen appreciated significantly. Subsequently, an informed source revealed that authorities had entered the market.
The central bank data released on Friday indicated that, due to fiscal factors, its current account is expected to decrease by 9.48 trillion yen next Thursday (the first working day after the Golden Week holiday). This decline is much larger than the approximately 4.08 trillion yen anticipated by currency brokers such as Tokyo Short-Term Finance, Central Short-Term Finance, and Ueda Yagi Short-Term Finance. This is the first currency intervention since Katsuyama May took office, and the market generally believes that the initial results are significant, pushing the yen up more than 3%. However, this battle is far from over. Katsuyama also warned traders to remain vigilant, stating on Thursday that during the five-day Golden Week, it is best not to put down their phones.
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