According to CoinMeta, the Bank of Japan may have spent approximately $52.8 billion purchasing yen in order to counteract the decline in the USD/JPY exchange rate below 158. This intervention is considered the largest single-day monetary intervention in Tokyo, aimed at slowing down the trend of yen depreciation. Japanese Finance Minister Toshihiro Katsumata stated that the government “is always prepared to respond to exchange rate fluctuations with a sense of urgency.” The market is paying attention to the guidance on future interest rate hikes given by Bank of Japan Governor Haruhiko Ueda; rapid interest rate increases could support the yen, while a more cautious approach might put pressure on the yen again.