Japan Buys Record 6.3 T. Yen in Oct. Interventions

Economy Politics

Tokyo, Oct. 31 (Jiji Press)--Japan spent 6,349.9 billion yen on foreign exchange market interventions in the past month, hitting a monthly record high for the country's yen-buying operations, a Finance Ministry report showed Monday.

The previous high was 2,838.2 billion yen recorded just in the preceding month. The latest report covered the period running from Sept. 29 to Thursday.

As a result, the total amount of yen-buying interventions to stem the currency's ongoing downward march has reached nearly 9.2 trillion yen.

On Sept. 22, Japan conducted its first yen-buying, dollar-selling intervention in some 24 years. Finance Minister Shunichi Suzuki announced the move immediately at a press conference, but the operation failed to prevent the yen from depreciating further.

Japanese authorities have apparently switched to "stealth" interventions since then, refusing to confirm immediately whether they stepped in or not.

[Copyright The Jiji Press, Ltd.]

Jiji Press