Authorities appear to have intervened again to prop up the yen after its recent sharp decline against the dollar.
Japan may have spent $32 billion in a fresh round of yen-buying intervention to stem the currency’s slide. The move follows persistent weakness in the yen, which hit multi-decade lows against the dollar earlier this week.
Previous interventions in 2022 and 2023 saw similar spending, though the impact on the yen’s trajectory was temporary. Analysts had anticipated further action if the yen breached key psychological levels near 160 per dollar.
Markets are now assessing whether the intervention will stabilize the yen or if further measures will be needed amid diverging U.S.-Japan monetary policies.