日本的日圆已经承受了约1年的持续压力，迫使官员出手干预外汇市场以捍卫它。彭博社的文章称，最新一轮干预很可能始于4月30日，并且可能延续到5月初，尽管政府尚未证实。这种货币兑美元一直疲弱，从2025年5月每美元约¥148.9，走到2026年5月约¥159.1，交易员如今正关注东京是否还需要再次介入。
文章将日圆下跌归因于日本与美国之间持续存在的利率差，即使联准会降息后，美国回报率仍更具吸引力，而日本银行在通膨回升之下仍缓慢升息。文章还提到几个加剧跌势的冲击：Donald Trump在2025年4月的关税宣布、石破茂（Shigeru Ishiba）走弱后又辞职所引发的日本政治不稳、Sanae Takaichi的上升以及市场对扩张性财政政策的担忧，还有中东冲突，这些都强化了日本对能源进口的脆弱性。时间线显示，尽管BOJ维持利率、放慢购债缩减步伐，之后又将利率上调25个基点至0.75%，日圆仍在反复走弱并持续下滑。
对BOJ帐目的分析显示，这次干预可能耗费高达¥10兆（$63 billion），这是一笔非常巨大的金额，但迄今只部分抵消了压力。当纽约联邦储备银行在2026年1月进行「rate checks」时，日圆曾短暂飙升；在4月30日干预后也再次上涨，但这些涨幅已开始回落。距离任何进一步的BOJ升息仍约有1个月，而中东冲突仍在让市场不安，投资者对日圆进一步走弱以及日本当局可能采取更多行动保持高度警惕。
Japan’s yen has been under sustained pressure for about 1 year, pushing officials to intervene in the foreign exchange market to defend it. Bloomberg’s article says the latest intervention likely began on April 30 and may have continued into early May, even though the government has not confirmed it. The currency has been weak against the US dollar, moving from around ¥148.9 per dollar in May 2025 to about ¥159.1 by May 2026, and traders are now watching whether Tokyo will need to step in again.
The article links the yen’s decline to Japan’s persistent interest-rate gap with the US, where returns remained more attractive even after Federal Reserve cuts, while the Bank of Japan moved slowly on hikes despite inflation returning. It also cites several shocks that intensified the slide: Donald Trump’s tariff announcements in April 2025, political instability in Japan as Shigeru Ishiba weakened and then resigned, Sanae Takaichi’s rise and market concern over expansionary fiscal policy, and the Middle East conflict, which reinforced Japan’s energy-import vulnerability. The timeline shows repeated periods of weakness even as the BOJ held rates, slowed bond tapering, and later raised rates by 25 basis points to 0.75%, only for the yen to keep sliding.
Analysis of the BOJ’s accounts suggests the intervention may have cost as much as ¥10 trillion ($63 billion), a very large sum that has so far only partly offset the pressure. The yen briefly surged when the Federal Reserve Bank of New York conducted “rate checks” in January 2026 and again after intervention on April 30, but those gains have started to fade. With any additional BOJ rate hike still about 1 month away and the Middle East conflict still unsettling markets, investors remain on high alert for more yen weakness and possible further action from Japanese authorities.