Japan Spends 2.8 T. Yen in Sept. Forex Intervention

Tokyo, Nov. 8 (Jiji Press)--Japan spent 2,838.2 billion yen in foreign exchange market intervention between July and September, a Finance Ministry report showed Tuesday.

During the reporting period, the Japanese government and the Bank of Japan intervened in the market to curb a rapid weakening of the yen only on Sept. 22, which was their first yen-buying, dollar-selling market intervention in some 24 years.

The intervention was the largest on record in terms of the amount of yen purchased in a single day.

The yen had been rapidly depreciating against the dollar on the foreign exchange market since March, mainly due to a widening of the gap between U.S. and Japanese interest rates.

The Japanese government announced on Sept. 22 the day's implementation of the yen-buying operation, which resulted in the dollar briefly sliding by over 5 yen from above 145 yen.

[Copyright The Jiji Press, Ltd.]