Japan Spent $19.7 Billion on September Currency Intervention
- Analysts had estimated Japan spent up to $25 billion on move
- Economists mulling how many more times Japan can intervene
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Japan spent a likely record daily amount to prop up the yen last week, leaving economists and investors wondering how many times the government could intervene again despite skepticism over the impact of such action.
The Ministry of Finance disclosed Friday that it spent 2.84 trillion yen ($19.7 billion) in September to slow the yen’s slide in its first intervention to support the currency since 1998. Some private analysts had estimated the intervention at up to 3.6 trillion yen.