The yen exchange rate rose

The Japanese yen surged against the US dollar on May 4th. At one point, the exchange rate reached the latter half of 155 yen to the dollar, marking the first time since May 1st that the yen had appreciated while the dollar had depreciated. Prior to the surge, the yen had been hovering around 157.20 yen.

May 4th is a public holiday in Japan, resulting in fewer market participants and a higher likelihood of sharp price fluctuations.

The Japanese government and the Bank of Japan intervened in the market on April 30th, buying yen. The market widely estimated the intervention to be worth 5 trillion yen. The following day (May 1st), the yen gradually returned to a depreciating trend, briefly touching around 157.30 yen.