Tokyo, 1 June 2026 – Japan’s yen is again testing the patience of policymakers after a record round of currency intervention failed to deliver a lasting recovery, leaving markets focused on whether the Bank of Japan will need to move more decisively on interest rates.
The yen has remained under pressure near the 160-per-dollar level, a zone that traders increasingly view as the line where Tokyo may be forced to act again. The weakness comes despite Japan spending about ¥11.7 trillion, or roughly US$73.5 billion, to support the currency between late April and late May, marking one of the most aggressive intervention campaigns in the country’s modern foreign-exchange history.
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