Japan spent record 2.83 tril. yen on Sept. 22 to stop yen's fall

Politics Economy

Japan's yen-buying, U.S. dollar-selling intervention cost 2.83 trillion yen ($19 billion) on Sept. 22, then the largest amount spent in a single day, the Finance Ministry said Tuesday. Since the first intervention in 24 years to prop up the yen, Japanese monetary authorities have likely stepped in multiple times, prompting market sources to estimate a far larger amount has been spent. Before Sept. 22, 2.62 trillion yen spent on April 10, 1998, was the largest daily yen-buying, dollar-selling operation. Japan's foreign reserves, used to intervene in the market, shrank to $1.19 trillion at the e...

Kyodo News

Kyodo News