Japan Likely Spent 3 T. Yen on Forex Intervention
Tokyo, May 2 (Jiji Press)--Japanese authorities are believed to have spent some 3 trillion yen on what is viewed as a stealth yen-buying, dollar-selling foreign exchange market intervention early Thursday, according to market sources.
The development followed a suspected similar intervention worth some 5 trillion yen conducted Monday, when the Tokyo financial markets were closed for a national holiday.
The fresh estimate was given by market players based on Bank of Japan data on estimated changes in commercial financial institutions' current account balances at the central bank.
This time, the dollar plunged to around 153 yen from around 157.50 yen early Thursday morning Japan time, or during the late trading hours Wednesday in New York.
Market sources are speculating that the Japanese government and the BOJ stay prepared around the clock to conduct stealth interventions in hours when dollar-yen trading is thin.
(2024/05/02-23:44)
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