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Japan allocates $73 billion for yen support
The Bank of Japan spent approximately $73 billion (11.7 trillion yen) between April 28 and May 27 to support the yen, after it fell close to 160 per dollar, its lowest level in two years, due to market volatility, rising oil prices, and interest rate differentials. The intervention was carried out at the direction of the Ministry of Finance in an attempt to mitigate the economic damage caused by the yen's devaluation. However, the yen's value has since become volatile again, approaching 159.2 against the dollar, raising questions about the effectiveness of the recent interventions.
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