Japan says three-day yen intervention lifted currency in summer
The data showing three days of intervention came as a surprise, as traders had previously thought action came over two days
Japan has disclosed that it carried out three interventions in the currency market during the summer to bolster the value of the yen, marking its first joint operation with the United States in nearly three decades to support the currency. The revelation of the three-day intervention period came as a surprise to traders who had initially believed the actions took place over two days.
The Finance Ministry released daily intervention data for the previous quarter, which revealed that Tokyo purchased a record ¥7.98 trillion ($50.4 billion) on July 30, followed by additional purchases of ¥5.55 trillion and ¥1.87 trillion on the subsequent days. In total, Japan spent ¥15.4 trillion over those three days, setting a new monthly record for yen-buying intervention.
This was the first time Japan and the U.S. had coordinated an operation to support the yen since 1998.
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- Japan says 3-day yen intervention lifted yen in summer businesstimes.com.sg
