Japan likely spent about $34.5 billion (¥5.4 trillion) on Thursday in its first
yen-buying intervention since July 2024, based on central bank accounts and
broker estimates. In 2024, authorities averaged ¥3.8 trillion across four
interventions. The yen surged over 3% after Finance Minister Satsuki Katayama
signaled imminent “bold action,” later confirmed by a source. Central bank data
also pointed to a larger-than-expected ¥9.48 trillion liquidity drain.