(Update) Japan Likely Spent 5 T. Yen in Forex Intervention
Tokyo, April 30 (Jiji Press)--Japanese authorities are believed to have conducted yen-buying, dollar-selling foreign exchange market intervention worth some 5 trillion yen Monday, it was learned Tuesday.
The estimate was given by market players based on Bank of Japan data on projected changes in commercial financial institutions' current account balances at the bank.
On Monday, the dollar slumped below 155 yen just hours after exceeding 160 yen for the first time in about 34 years. This happened in overseas trading as the Tokyo market was closed for a national holiday.
The abrupt moves fueled speculation that the Japanese authorities stepped in to buy yen and sell dollars on multiple occasions. The government has declined to say whether any such intervention was conducted.
The biggest amount Japan has spent on yen-buying intervention on a single day is 5,620.2 billion yen used on Oct. 21, 2022, when the dollar was rising close to 152 yen.
(2024/05/01-01:28)
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