Japan's finance ministry intervened in currency markets on April 30, 2026 to buy yen, its first official FX action in nearly two years — a move that sent the yen surging 3% against the dollar. The intervention came after the yen weakened to 160 per dollar, which policymakers worry is fueling inflation through import costs and squeezing consumers. Japan had warned multiple times of 'decisive' action before executing the intervention, which is meant to signal that the currency's decline has limits.