[Japan May Have Spent Approximately $34.5 Billion to Intervene in Yen Exchange Rate] Reported by Jinse Finance, May 1: Based on an analysis of the Bank of Japan's accounts, Japan may have spent approximately $34.5 billion on Thursday for its first exchange rate intervention since July 2024 to support the yen. By comparing the Bank of Japan's accounts with forecast data from currency brokers, the scale of this intervention is estimated to be around 5.4 trillion yen. In 2024, Japanese authorities intervened four times to support the yen, with an average expenditure of approximately 3.8 trillion yen per intervention. On Thursday evening, Japanese Finance Minister Satsuki Katayama warned that "decisive action" was imminent, after which the yen appreciated significantly. Subsequently, a well-informed source revealed that the authorities had entered the market. Data released by the central bank 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 far greater than the approximately 4.08 trillion yen predicted by currency brokers such as Tokyo Tanshi, Central Tanshi, and Ueda Yagi Tanshi. This marks the first exchange rate intervention since Satsuki Katayama took office, and the market generally believes the initial results are significant, driving the yen to appreciate by more than 3%. However, this battle is far from over. Katayama also warned traders to remain vigilant, stating on Thursday that during the five-day Golden Week holiday, they would be wise not to put down their phones.