Japan Spent Record $42 Billion in October to Prop Up Yen
- Finance ministry intervention data shows 6.3 trillion yen used
- Tokyo has stopped announcing market entry to conceal its hand
Bundles of Japanese 1,000 yen banknotes.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
Japan spent a record 6.3 trillion yen ($42.4 billion) in October to counter the yen’s sharp slide against the dollar, as it tried to limit speculative moves adding to pressure on the currency.
The finance ministry disclosed on Monday data for the period between Sept. 29 to Oct. 27. Central bank figures and market estimates of money flows with the government had suggested that a suspected intervention on Oct. 21 cost around 5.5 trillion yen ($37.2 billion).