How to confirm Japanese intervention in yen (TL;DR is wait until the end of May!)

Japanese officials have remained coy about whether or not they intervened to prop up the hapless yen on Monday.

ICYMI:

• ForexLive European FX news wrap: Japan steps in to support the yen currency
• Forexlive Americas FX news wrap: USD/JPY drops again

Masato Kanda, the vice-minister for international affairs at Japan’s Ministry of Finance (he is the official who will instruct the BOJ to intervene, when he judges it necessary, and is often referred to as Japan’s ‘top currency diplomat’) was asked by media if authorities had stepped into markets to support the yen:

• “No comment for now”

The MoF releases figures on currency intervention at the end of each month. The next report is due today, Tuesday, 30 April 2024, at 7pm Tokyo time. This won’t cover Monday, though, it’ll only cover up to April 26. We will get the data that’ll include Monday at the end of May!

Here’s what the report looks like (when there was no FX intervention). This is the latest report currently available:

This article was written by Eamonn Sheridan at www.forexlive.com.