Japan spent record 9.8 trillion yen in April-May to slow currency fall

Japan spent 9.79 trillion yen ($62 billion) between April and May, a monthly record, to slow the yen's rapid fall against the U.S. dollar, government data showed Friday, confirming market views that Japanese authorities intervened in the currency market.The amount compares with nearly 9.2 trillion yen Japan spent on multiple yen-buying, dollar-selling operations between September and October of 2022.When the yen suddenly spiked versus the dollar in late April and early May, Japanese authorities kept traders guessing whether they had stepped in, a tactic known as stealth intervention.The lat…READ FULL ARTICLE