Japan spent nearly $40 billion amid 11.7 trillion yen intervention
Business
Japan just pulled off its biggest single-day effort ever to stop the yen from sliding, dropping nearly $40 billion on April 30.
This was part of a massive month-long intervention totaling 11.7 trillion yen, which briefly pushed the yen stronger during the quiet Golden Week holidays.
US sold euros to buy yen
By July, things got shakier: the yen fell below 163 per dollar, so Japan teamed up with the US for another round of interventions.
The US even sold euros to buy yen, which raised eyebrows in Europe.
Despite having access to a Federal Reserve liquidity facility introduced during the COVID-19 pandemic, Japan didn't use it.
Market watchers are now keeping an eye on US jobs data and Fed interest rates, since those could shake up currency markets again.