Japan finance minister: forex intervention had a certain impact

FILE PHOTO: A man walks past an electronic screen displaying the current Japanese Yen exchange rate against the U.S. dollar and other foreign currencies in Tokyo, Japan May 2, 2024, REUTERS/Issei Kato/File Photo

TOKYO : Japan’s foreign exchange market intervention in late April and early May had a certain impact, Finance Minister Shunichi Suzuki said on Tuesday.

Japanese authorities spent 9.79 trillion yen ($62.2 billion) intervening in the market to support the yen over the past month, Ministry of Finance data released on Friday showed.

The intervention was conducted to address excessive moves in the currency market, Suzuki said, speaking at a regular post-cabinet meeting news conference.

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