The new 1,000 yen note on display at the Currency Museum of the Bank of Japan’s Institute of Monetary Economics. The new banknotes will enter circulation on July 3, 2024.
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Japanese authorities spent 5.53 trillion yen ($36.8 billion) in July to support the yen, official data The display was released on Wednesday.
Data from the Japanese Ministry of Finance revealed data for the period from June 27 to July 29.
The amount is roughly in line with expect and then repeat warn Japanese authorities said they would step in to counter excessively volatile currency movements.
Japan’s latest intervention in foreign exchange markets came shortly after the yen fell to a 38-year low against the dollar. In late May, the Japanese government confirmed the country’s first round of monetary intervention since October 2022.
Due to currency weakness, the Bank of Japan raised its benchmark interest rate to “around 0.25%” on Wednesday from the previous range of 0% to 0.1%. The move is expected to mark the Bank of Japan’s highest interest rate since 2008.
The yen rose sharply after the Bank of Japan’s decision, last trading at about 150 yen per dollar. That’s in stark contrast to earlier this month, when the yen fell to 161.96 yen to the dollar for the first time since December 1986.
The yen has been under continued pressure since the Bank of Japan ended its negative interest rate monetary policy in March.
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