Japan Intervenes in Currency Market with $62 Billion Spend

Japan's Ministry of Finance confirmed its first currency intervention since 2022, spending 9.7885 trillion yen ($62.25 billion) between April 26 and May 29 to stabilize the yen after it plunged to a 34-year-low. This intervention coincided with a sharp rebound in the yen, which had been under pressure since the Bank of Japan ended its negative interest rate policy in March.