Japan Suspected of Injecting 5 Trillion Yen into Forex Market

May 01, 2024 | News On Japan

TOKYO - Market insiders estimate that the government and the Bank of Japan (BOJ) might have conducted a forex intervention scaled at 5 trillion yen.

A comparison between the BOJ's forecast on the changes in current account deposits published on the 30th and previous financial transaction broker predictions revealed a discrepancy exceeding 5 trillion yen.

Market insiders suggest that much of this variance could be attributed to funds moved during a forex intervention.

According to these estimates, an intervention on the scale of 5 trillion yen might have occurred on the 29th.

In the foreign exchange market on the 29th, the yen drastically fell to 160 yen per dollar, only to surge back to 154 yen per dollar shortly after.

While voices in the market suggest a possible intervention, the government has refrained from making any definitive statements regarding the intervention.

Source: ANN

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