Japan just burned through $73.6 billion trying to prop up the yen. It didn’t work particularly well.
The USD/JPY pair has been hovering around 159 in late May 2026, repeatedly knocking on the door of the psychologically critical 160 level. With the Bank of Japan’s next policy meeting set for June 15-16, the next two weeks look like a pressure cooker.
A record-breaking defense that barely moved the needle
Between April 28 and May 27, Japanese authorities deployed a staggering ¥11.73 trillion, roughly $73.6 billion, in currency interventions.
The yen has underperformed against other G10 currencies since early April. That’s not just a dollar story. The Japanese currency is losing ground against a broad basket of peers, which suggests the problem runs deeper than just the US rate differential.
