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Japan’s Suspected Intervention Estimated at Record $37 Billion

  • Figure based on BOJ current account data, market estimates
  • Sharp yen rally Friday pointed to further currency action
Updated on

Japan likely conducted its biggest ever currency intervention to prop up the yen late Friday, based on Bank of Japan balance of payment figures and an estimate of flows by money broker Central Tanshi Co.

The size of the suspected market action is estimated to be as much as 5.5 trillion yen ($36.8 billion), according to a basic calculation using the BOJ’s forecast for the change in its current account and the Central Tanshi projection for the balance assuming no intervention.