Japan has spent billions of dollars since 2022, trying to limit the yen’s decline – but the currency has continued to hit new lows. Some of the decline is because investors keep selling the currency, while global events have pushed it even lower. That in turn has put pressure on inflation, while the government attempted to ease the pressure on consumers by spending billions on fuel subsidies. Japan’s total public debt now sits at more than 200% of its GDP, the highest level in the G20. In order to free up the money to buy yen, Japan has been selling US government bonds – known as treasuries.