PANews reported on May 1st that, according to an analysis of the Bank of Japan's accounts, Japan may have intervened in the currency market on Thursday, using approximately $34.5 billion for the first time since July 2024, to support the yen. By comparing data from the Bank of Japan's accounts with forecasts from currency brokers, the intervention is estimated to be around 5.4 trillion yen. In 2024, Japanese authorities intervened to support the yen four times, averaging about 3.8 trillion yen each time. On Thursday evening, Japanese Finance Minister Satsuki Katayama warned that "decisive action" was imminent, after which the yen appreciated sharply. Subsequently, an informed source revealed that the authorities had intervened in the market.

Central bank data released on Friday indicated that its current account is expected to shrink by 9.48 trillion yen next Thursday (the first working day after the Golden Week holiday) due to fiscal factors. This decline is significantly larger than the approximately 4.08 trillion yen expected by currency brokers such as Tokyo Short-Term Money, Chuo Short-Term Money, and Ueda-Yagi Short-Term Money. This is Katayama's first currency intervention since taking office in May, and the market generally believes that the initial results are significant, pushing the yen up by more than 3%. However, the battle is far from over. Katayama also warned traders to remain vigilant, stating on Thursday that they should not put down their phones during the five-day Golden Week holiday.