Japan’s finance ministry stepped in to counter a rapid weakening of the yen just once in September, before escalating its support of the currency to an unprecedented degree last month.
The Ministry of Finance spent 2.84 trillion yen ($19 billion) in its first intervention to prop up the yen since 1998 on Sept. 22, according to the daily intervention data for the quarter ending September released by the ministry Tuesday. That was the day the Bank of Japan’s dovish stance added further momentum to yen’s slide.
