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The yen strengthened sharply against the U.S. dollar on April 30, 2026, after reports that Japan had intervened to support the currency prompted an unusually direct warning from Tokyo to investors betting on yen weakness. During the session, the yen briefly weakened past 160 per USD before reversing.
Japanese Finance Minister Satsuki Katayama told reporters that “the time is near to take decisive action against the yen's depreciation.” After the remarks, the yen rose more than 2.5% against the USD by the end of the session, settling at 155.5 yen per USD.
Nikkei Asia later cited government sources saying Tokyo intervened in the foreign exchange market, with the Ministry of Finance selling dollars and buying yen. Katayama said authorities would monitor the currency market closely during Japan’s Golden Week holiday, from Friday, May 1, 2026 to Wednesday, May 6, 2026.
He urged people to keep their phones on, suggesting intervention could occur in overseas markets while Japan’s markets are closed for the holidays. Atsushi Mimura, the top currency official at the Ministry of Finance, said he was in close contact with U.S. officials, a signal—according to the Financial Times—that the United States had given Japan the green light to intervene directly in the FX market if necessary.
In the U.S. session on April 30, the yen rose as much as 3% against the USD. The move helped push the Dollar Index, which measures the USD against a basket of six major currencies including the yen, down to 98.06 at the close, down 0.92%.
In the Asia morning session on May 1, the USD strengthened again. The Dollar Index rose slightly above 98.1, and USD/JPY was up about 0.4% to around 157.2 yen per USD.
Mimura also said on April 30: “This is my final warning to those who want to short the yen.”
Tokyo’s latest intervention came after the yen weakened for six consecutive weeks, with the currency reaching around 160.72 per USD amid concerns that Japan’s import-dependent economy could be hit by rising energy costs and other supply disruptions linked to the U.S.–Iran conflict.
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