# Japan confirms $36.8 billion currency intervention as weak yen pushes BOJ to hike interest rates

> Japan confirmed it spent $36.8 billion to support the yen in July, in line with expectations. The Bank of Japan raised its benchmark rate to around 0.25% the same day, as the yen had recently fallen to a 38-year low against the dollar.

- Date: 2024-08-01 · published 2024-08-01T12:00:00.000Z
- Category: macro · region Japan · magnitude medium
- Page: https://feedsoft.ai/events/29529-japan-confirms-36-8-billion-currency-intervention-as-weak-yen-pushes-boj-to
- Commodities: [Japanese Yen (JPY per USD)](https://feedsoft.ai/c/USDJPY.md)

## Why it matters

Intervention combined with a rate hike signals that Japan will defend the yen, which can limit further dollar strength and affect the cost of dollar-denominated feed imports for Asian buyers.

## Read by commodity

- USDJPY: bearish ▼

## Sources

- cnbc.com: https://www.cnbc.com/2024/07/31/japan-confirms-36point8-billion-yen-intervention-as-boj-hikes-rates.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.