Japan Sold 3.168 Trillion Yen

In July 2024, Japan's Ministry of Finance (MOF) intervened in the currency market to support the yen.

On July 11, the MOF sold 3.168 trillion yen (approximately $20.69 billion) and an additional 2.367 trillion yen on July 12. These actions were part of a larger intervention totaling 5.53 trillion yen between June 27 and July 29.

This intervention led to a significant appreciation of the yen, strengthening from around 161.76 to 157.30 against the U.S. dollar over those two days. The MOF's strategy aimed to curb the yen's depreciation and stabilize the currency market.

Such interventions are relatively rare and indicate the government's commitment to maintaining currency stability. The yen's value is crucial for Japan's economy, affecting export competitiveness and import costs.

By intervening, the MOF sought to prevent excessive volatility that could disrupt economic stability.

These measures underscore the importance of monitoring currency fluctuations and the potential need for government action to maintain economic balance.