Japan: Intervention in currency market is aimed at countering speculation

Japanese Finance Minister Shunshi Suzuki said that the government’s recent intervention in the currency market was somewhat effective, noting that this intervention aims to confront excessive movements in the foreign exchange market that were driven by speculation.

Last Friday, Japanese Ministry of Finance data revealed the ministry’s first intervention since 2022, to support the local currency, after it declined in April to its lowest level in 34 years.

The ministry stated that Japan pumped approximately 62 billion dollars into the currency market in the period between April 26 and May 29.