Japan Bought 2.8 T. Yen in Sept. Forex Intervention

Economy Politics

Tokyo, Sept. 30 (Jiji Press)--Japan bought 2,838.2 billion yen in its foreign exchange intervention in September, the Finance Ministry said Friday.

The country conducted its first yen-buying, dollar-selling intervention in about 24 years on Sept. 22 to curb a rapid decline in the Japanese currency.

If Japan intervened only on Sept. 22, it would make the yen-buying operation the biggest ever, beating the 2,620.1 billion yen recorded on April 10, 1998, during the financial crisis following the bursting of the country's bubble economy.

The ministry released data on its foreign exchange intervention for the period between Aug. 30 and Wednesday. Data on the intervention amount by date is set to be released in early November.

The ministry has signaled that it will intervene more if needed to counter speculative selling of the yen. "We can't overlook repeated excessive fluctuations caused by speculation," Finance Minister Shunichi Suzuki said when announcing the intervention on Sept. 22.

[Copyright The Jiji Press, Ltd.]

Jiji Press