Japanese economy
Following its May 1 intervention that propelled the yen higher, Japan's Vice Minister of Finance Satsuki Katayama stated on May 5 that the country can conduct two more interventions before November under IMF guidelines. Authorities also warned traders to stay alert as yen battles intensify.
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The yen briefly surged in Asia trade, putting investors on high alert. The whipsaw trading followed Japan's likely spending of around ¥5.4 trillion ($34.5 billion) last week to support the yen. The Japan Times reported.
The Japanese government submitted a draft supplementary budget for fiscal 2025 to parliament on Monday. Valued at ¥18.3 trillion ($118 billion) in general account spending, it mainly finances the first comprehensive economic package under Prime Minister Sanae Takaichi's administration. The package focuses on easing the impact of rising prices and investing in growth sectors.
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Japan's real GDP declined at an annualized rate of 1.8% in the three months through September, marking the first contraction in six quarters. The drop was less severe than anticipated.