Japan spent record 96.5 billion to support yen
Japanese authorities spent a record 15.4 trillion yen over the past month intervening in foreign exchange markets. The massive intervention aims to pull the local currency away from four-decade lows driven by slow monetary policy tightening.
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Japan spent a record 15.4 trillion yen ($96.5 billion) over the past month to support the local currency against the USD/JPY, Finance Ministry data showed on Friday. The intervention underscores Tokyo's resolve to defend the currency from four-decade lows. Weakness in the exchange rate threatens exporter profits and inflates import costs.
