Japan's foreign-exchange intervention apparatus has been deployed again, but the market is not buying the defense.
Finance Minister Satsuki Katayama's ministry spent over 11.7 trillion yen ($72.8 billion) to support the currency, yet the yen remains under heavy pressure as it tests the critical 160 level against the dollar.
75% in a split 6-3 vote, a move that aligned with market expectations but failed to provide the hawkish surprise traders had hoped for.
The failure of such a massive capital injection to stabilize the exchange rate signals a severe lack of confidence in the currency's near-term trajectory.
The intervention comes on the heels of a disappointing monetary policy decision.
The Bank of Japan held its policy rate steady at 0.75% in a split 6-3 vote, a move that aligned with market expectations but failed to provide the hawkish surprise traders had hoped for.
The central bank's reluctance to tighten further, despite the yen's weakness, has left a vacuum in the currency's support structure.