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Japan spent record of nearly $20.0 billion on intervention to support the yen

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Reuters

By Leika Kihara and Tetsushi Kajimoto TOKYO (Reuters) – Japan spent up to a record 2.8 trillion yen ($19.7 billion) intervening in the foreign exchange market last week to prop up the yen, Ministry of Finance data showed on Friday, draining nearly 15% of funds it has readily available for intervention. The figure was less than the 3.6 trillion yen estimated by Tokyo money market brokers for Japan’s first dollar-selling, yen-buying intervention in 24 years to stem the currency’s sharp weakening. The ministry’s figure, indicating total spending on currency intervention from Aug. 30 to Sept. 28, …

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