Japan's Finance Ministry has confirmed that the country funneled nearly 9.8 trillion yen into the currency market over the past month to prop up the yen.

Ministry officials revealed on Friday that the government and the Bank of Japan spent about 62 billion dollars selling the greenback and buying yen between April 26 and May 29.

The Japanese currency fell to a 34-year low against the dollar, hitting the 160 level at one point. It bounced back to the 154 level on April 29.

Three days later, on May 2, the yen saw a second, similar surge.

Investors immediately began speculating that the government and the central bank had conducted covert interventions.

The Japanese currency temporarily strengthened to the 151 level in early May.

But it started to slide again as expectations waned for an earlier-than-expected interest rate hike by the Fed.
As of Monday evening in Tokyo, it is hovering around the 157 level.

The Japanese government and the Bank of Japan previously spent a total of nearly 9.2 trillion yen on market interventions in September and October 2022.