Is the government and the Bank of Japan interfering with the exchange rate every day, or a total scale of over 5 trillion yen in 11-12 days

July 16, 2024 at 7:13 PM GMT+9 (some excerpts)

There are estimates in the market that the government and the Bank of Japan carried out exchange intervention for yen purchases and dollar sales on a scale of 2 trillion yen on the 12th. It has been observed that it was carried out on a scale exceeding 3 trillion yen on the 11th the day before, and it is believed that the authorities moved to suppress yen depreciation due to market intervention for 2 days in a row.
According to the current account forecast for the 17th announced by the Bank of Japan on the 16th, “fiscal factors” reflecting the intervention deviated (diverged) by more than 2 trillion yen from private sector predictions, and it was suggested that there was an intervention against the background of a sharp drop in dollar/yen on the night of the 12th Japan time.