Japan’s top currency diplomat, Atsushi Mimura, has gone quiet. Mimura hasn’t publicly commented on the yen’s value since early May 2026, a deliberate communications blackout that has left traders parsing every non-statement for clues about Tokyo’s next move. The yen continues to hover around the psychologically critical 160-per-dollar threshold, a level that has become the line in the sand for Japan’s monetary authorities.
A record-breaking defense
Japan’s Ministry of Finance confirmed spending a record 11.7349 trillion yen, roughly $73 billion, on currency intervention between April and late May 2026. That figure marks the first confirmed direct intervention since 2024, and it dwarfs previous efforts to prop up the beleaguered currency.
The yen had slid to approximately 160.725 per dollar in late April 2026 before Tokyo stepped in.
Japan’s foreign reserves recorded a $75.6 billion drop in securities holdings in May, strongly suggesting that the government funded its yen-buying spree by selling US Treasuries and other foreign assets.
