Goldman Sachs estimates that Japan intervened in the foreign exchange market with 5 trillion yen last week and, in theory, could intervene another 30 times.

Yuriko Tanaka and other Goldman Sachs strategists wrote in a report that, given the current size of foreign exchange reserves, policymakers could theoretically conduct interventions of similar scale another 30 times. However, Goldman Sachs believes that Japan's Ministry of Finance is unlikely to use most of its foreign exchange reserves for intervention. Goldman Sachs expects the Ministry of Finance to carefully choose the most effective timing, such as during rapid yen depreciation. Although the Japanese government has not made an official comment on whether it intervened last week, Goldman Sachs estimates the intervention amount was about 5 trillion yen.