In October last year, the Ministry of Finance announced that the government and the Bank of Japan conducted two “masked interventions” in which the government and the Bank of Japan did not disclose the fact of market intervention in order to put a brake on the rapid depreciation of the yen for the first time in 32 years. It revealed that it has invested the largest amount of money in the past as an intervention to sell the dollar and buy the yen at 5.6202 trillion yen.
The Ministry of Finance announced the daily results of the market interventions implemented from October to December last year, and on October 21st and 24th, market interventions were conducted to sell the dollar and buy the yen.
In both cases, the yen was sold to the 151 yen level on the night of October 21, Japan time, the first time in about 32 years that the yen was depreciated. It was the day we updated our standards.
The market intervention took place during the trading hours of the New York foreign exchange market, and the funds invested amounted to 5,620.2 billion yen on that day alone.
Due to market intervention, the yen exchange rate temporarily rose by more than 7 yen to the 144 yen level to the dollar.
On this day, the market intervention of selling the dollar and buying the yen will be the largest ever, surpassing the 2,838.2 billion yen on September 22nd last year, which was the largest so far.
Furthermore, in the market intervention on October 24, 729.6 billion yen was invested, and it became clear that the intervention using a large amount of funds was repeated against the accelerating depreciation of the yen.
Since then, the yen has appreciated against the dollar, and according to the monthly results that have been published so far, the government and the Bank of Japan have not intervened in the market since November last year.