Yen Approaches 40-Year Low Amidst Intervention Concerns

WHO:

The Japan Times - Satsuki Katayama is the Finance Minister of Japan.

CNBC - Kazuo Ueda is the Governor of the Bank of Japan.

CNBC - Masahiko Loo is a senior fixed income strategist at State Street Investment Management.

The Japan Times - Atsushi Mimura is the vice minister of finance for international affairs.

WHAT:

The Japan Times - The yen traded at ¥161.80 to the dollar, nearing levels not seen since the 1980s.

The Japan Times - The government intervened in July 2024 when the yen was at ¥161.95 to the dollar.

The Japan Times - The Finance Ministry spent a total of ¥11.73 trillion ($73 billion) to support the yen from April 28 to May 27.

CNBC - The Bank of Japan raised policy rates to 1%, the highest level since 1995.

CNBC - The yen appreciated to 156.6 from 160.39 against the dollar on April 30.

WHERE:

The Japan Times - The yen's trading occurred in New York and Tokyo.

WHEN:

The Japan Times - The intervention occurred in July 2024.

The Japan Times - The Finance Ministry's intervention spanned from April 28 to May 27.

CNBC - The Bank of Japan's rate increase occurred on a Tuesday, marking the first increase since the end of 2025.

WHY:

The Japan Times - Analysts and investors are factoring in the possibility of a rate increase in the United States, adding pressure on the yen.

CNBC - The rate hike was widely expected, leading to limited impact on the yen.

HOW:

The Japan Times - The Finance Ministry intervened in the currency market to support the yen.

CNBC - Japanese officials signaled their preparedness to take "decisive action" against excessive volatility in the yen.

(UPDATED June 20, 2026 01:43 UTC)

Satsuki Katayama serves as Japan's Finance Minister, while Kazuo Ueda is the Governor of the Bank of Japan, and Masahiko Loo works as a senior fixed income strategist at State Street Investment Management. Recently, the yen traded at ¥161.80 to the dollar, approaching levels not seen since the 1980s, prompting the Finance Ministry to intervene in the currency market and spend ¥11.73 trillion to support the yen from April 28 to May 27. Additionally, the Bank of Japan raised policy rates to 1%, the highest since 1995, as analysts and investors consider the potential for a rate increase in the United States, which is adding pressure on the yen.