Loading…
Japan spent a record ¥9.8 trillion ($62.2 billion) over the past month to support the yen after it fell to a 34-year low against the dollar. The amount exceeds Japan's total intervention in 2022.
The yen has been under heavy pressure from the wide gap between US and Japanese interest rates.
Heavy intervention strengthens the yen against the dollar, which lowers the dollar cost of dollar-priced feed imports for Japanese buyers. It also signals that Tokyo will defend the currency, which may limit further yen weakness.
bloomberg.comErica YokoyamaJun 1, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
