Japan spent a record ¥9.8 trillion ($62.2 billion) in the past month to prop up the yen after it fell to a 34-year low against the dollar, surpassing the total amount it used in 2022 to defend the currency.

The Finance Ministry disclosed figures Friday for the period between April 26 and May 29. The amount exceeded earlier estimates of ¥9.4 trillion based on a comparison of the Bank of Japan’s accounts and money broker forecasts. Japan’s previous monthly intervention record of ¥9.1 trillion was set in very different circumstances when authorities were trying to weaken the yen in autumn 2011.

The record spending on intervention shows the government’s resolve to push back against speculators betting against the yen. The huge amount also underscores the scale of action required to have even a short-lived impact on the market and the gradually diminishing power of its salvos to defend the currency.