Japan spent $74 billion propping up the yen. Investors say the real battle is with the Fed

Japan's Ministry of Finance conducted currency interventions totaling approximately 10 trillion yen (about $74 billion) to support the yen's value against the dollar. Analysts attributed the yen's continued weakness to interest rate differentials between the United States and Japan, with the Federal Reserve maintaining higher rates than the Bank of Japan. Multiple analysts stated that intervention alone would not reverse the yen's losses without changes to the rate gap between the two countries.

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