Masato Kanda: The man behind Japan's $170bn bid to prop up the yen

Published On Oct 2, 2024, 7:28 PM

Masato Kanda, former vice finance minister for international affairs in Japan, faced a challenging tenure marked by the yen's significant depreciation against the US dollar, weakening by over 45% during his three years in office. To combat this decline, he implemented interventions totaling approximately $173 billion, marking Japan's first significant market intervention in 25 years. While this strategy was critiqued, Kanda claimed it was necessary to counter excess market speculation. Recently, the yen's value has improved due to a surprise rate hike from the Bank of Japan, leading to questions about whether Kanda's efforts were ultimately fruitful. Amid these challenges, there are signs of renewed optimism in Japan's economy, with potential improvements in investments and wages. Kanda also gained unexpected popularity on social media for sharing AI-generated videos.