Japan intervenes to counter currency weakness, sources say; yen surges

Japan intervened in foreign-exchange markets to counter currency weakness, Reuters reported on April 30, citing two sources familiar with the matter.

The yen surged by as much as 3% against the U.S. dollar after the reported move, according to the Reuters-distributed coverage. The report said one of the sources was a government source.

The intervention report followed a series of warnings from Japanese officials about exchange-rate volatility. Finance Minister Satsuki Katayama had signaled earlier that the timing for "decisive action" in markets was nearing.

Japan's Ministry of Finance had published intervention data through April 27 showing no intervention in that reporting window. That table did not cover the April 30 development reported by Reuters.

The authorities have not publicly confirmed the intervention in the cited coverage, but the report points to one of Japan's most forceful market actions in nearly two years.

The move is likely to keep traders focused on whether Tokyo is prepared to step in again if the yen comes under renewed pressure.