Japan said it interfered with the foreign exchange market three times during the spring Golden Week holiday to hold back yen. This operation broke out of the recent “double round intervention” model and added an additional round of intervention, with the intention of maximizing psychological deterrence for investors. Japan's Ministry of Finance released daily intervention data for the quarter ending June on Friday, showing that the Tokyo authorities bought yen on April 30, May 4, and May 6, respectively. According to official data, the scale of investment for the three interventions was 6.28 trillion yen, 780 billion yen, and 4.68 trillion yen in that order, making it the largest scale in history for Japan to intervene in the foreign exchange market to protect the yen. The report confirmed that although the yen showed at least five sharp intraday increases during this period, no other smooth exchange rate operations were carried out except for the above three days. Official data from the end of May showed that Japan set a record of 11.73 trillion yen of intervention investment per month during this period. Some of the funds may have been raised by selling off foreign securities, including US bonds. There was still a gap of about 1.6 trillion yen in previous market statistics on the amount of capital involved in the two interventions. At the time, it was predicted that there was a possibility of a third intervention into the market.

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