Tokyo, Nov. 9 (Jiji Press)--The Japanese government and the Bank of Japan bought 7,975.6 billion yen for dollars in foreign exchange market intervention on July 30, the Ministry of Finance said Monday.
This was the largest single-day yen-buying intervention conducted by Japanese authorities with an aim to prop up the country's currency, surpassing the previous record of 6,278.7 billion yen purchased on April 30 this year, according to the intervention data for the July-September quarter.
The Japanese authorities stepped into the market also on July 31 and Aug. 3, buying 5,552.3 billion yen and 1,871.4 billion yen for dollars, respectively. The total intervention amount over the three days came to 15,399.3 billion yen.
The yen-buying operations, the first since late April to early May, during Japan's Golden Week holiday period, were conducted as "stealth" interventions, with the authorities making no immediate announcements.
In late July, the yen weakened to its lowest level in about 39 years and eight months, with the dollar rising close to 164 yen.
[Copyright The Jiji Press, Ltd.]
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