Official Ministry of Finance data reveals Japan spent a single-day record 7.98 trillion yen on July 30 as part of a three-day, 15.4 trillion yen intervention campaign to rescue the currency from a 39-year low.
TOKYO: Japan bought a record 7.98 trillion yen (US$50.4 billion) on July 30 to support its currency in the foreign exchange market, according to data released Monday by the Finance Ministry, Kyodo News reported.
The amount marked the biggest single-day yen-buying intervention.
Japan bought a total of 15.4 trillion yen (US$97.2 billion) in interventions to prop up the Japanese currency against the US dollar on July 30, 31 and Aug 3, data on foreign exchange intervention operations in the July-September quarter showed.
On July 31, Japan and the United States jointly intervened to buy yen for the first time in 28 years, with Japan spending the equivalent of 5.55 trillion yen (US$35.1 billion), according to the data.
The interventions came after the yen weakened to the upper 163 range against the dollar in late July, its lowest level in 39 years and eight months, prompting authorities to step in on an unusually large scale.
The previous record for a yen-buying intervention was 6.28 trillion yen (US$35.1 billion), set on April 30.
– Bernama, Kyodo
