# Japan's May 1 intervention may have cost $23.6 bln, BOJ data shows | Reuters

> Japan's Ministry of Finance may have spent about 6 trillion yen intervening on May 1 after the yen dropped to 160.245 per dollar, the weakest since April 1990. BOJ data points to the sizeable gap between Japanese and US government bond yields as the main driver of the yen's slide. The BOJ has signaled a cautious approach to further tightening.

- Date: 2024-05-02 · published 2024-05-02T12:00:00.000Z
- Category: macro · region Japan · magnitude medium
- Page: https://feedsoft.ai/events/30508-japan-s-may-1-intervention-may-have-cost-23-6-bln-boj-data-shows-reuters
- Commodities: [Japanese Yen (JPY per USD)](https://feedsoft.ai/c/USDJPY.md)

## Why it matters

Large intervention spending shows strong official resistance to yen weakness, which supports the yen and lowers the dollar cost of imported feed. The cautious BOJ stance means rate differentials may keep pressure on the yen.

## Read by commodity

- USDJPY: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/japans-may-1-intervention-may-have-cost-236-bln-boj-data-suggests-2024-05-02/

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