Japan confirms a three-day market intervention in spring to support the yen.

Japan indicated that it had intervened in the foreign exchange market three times during the spring Golden Week holiday to prop up the yen. This operation deviated from the recent "dual intervention" model, adding an extra round of intervention aimed at maximizing psychological deterrence for investors. The Japanese Ministry of Finance released data on Friday regarding daily interventions for the quarter ending in June, showing that Tokyo authorities bought yen on April 30, May 4, and May 6. Official data shows that the scale of the three interventions was 6.28 trillion yen, 780 billion yen, and 4.68 trillion yen, respectively, setting a historical record for Japans intervention to support the yen. The report confirms that, despite at least five significant rallies in the yen during this period, no other smoothing operations were conducted aside from the three mentioned days. The official data at the end of May indicated that Japan had set a record for monthly intervention spending at 11.73 trillion yen during this period, with some funds possibly raised by selling overseas securities, including U.S. Treasury bonds. Earlier market statistics estimated the funds for the two defined interventions at approximately 1.6 trillion yen short, suggesting the possibility of a third market intervention.