Economics
Japan Spent $36.6 Billion to Prop Up Yen in Past Month
- Government seen entering currency market twice in July
- New FX chief Mimura says intervention remains a tool
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Japan’s currency intervention to support the yen in the past month was worth ¥5.5 trillion ($36.6 billion), as the government showed its willingness to counter speculators betting against the yen.
The finance ministry disclosed figures Wednesday for the period between June 27 to July 29. The amount was largely in line with earlier estimates based on the Bank of Japan’s accounts and money broker forecasts.