Japan confirms FX interventions twice in Oct to support yen By Reuters
Breaking News
‘;
Currencies 14 minutes ago (Feb 06, 2023 07:35PM ET)
(C) Reuters. FILE PHOTO: Banknotes of Japanese yen are seen in this illustration picture taken September 23, 2022. REUTERS/Florence Lo/Illustration/File Photo
TOKYO (Reuters) – Japan confirmed on Tuesday that it did intervene in the foreign exchange market twice in October to support its yen currency, Ministry of Finance (MOF) data showed on Tuesday.
The quarterly data showed a steep drop in the yen to a 32-year low of 151.94 to the dollar on Oct. 21 triggered the intervention that day, followed by another on Oct. 24.
The stealth interventions, or making a foray in the market without announcing it, came after Tokyo intervened to buy the yen for dollars for the first time in 24 years on Sept. 22.
Japan spent a record 6.35 trillion yen ($47.9 billion) on two unannounced interventions in October, having spent 2.84 trillion yen on Sept. 22 to stem the yen’s sharp fall, which boosted living costs for resource-deficiant Japan.
The dollar has pulled back to move in a range around 130 yen since then, while stoking some concerns about renewed yen rises, which could hamper Japanese exports of cars and electronics.
It was rare for Japan to conduct yen-buying, dollar-selling interventions given the country’s past battle with a strong yen making Japanese goods less competitive overseas.
Japan publishes monthly intervention records at the end of each month, and it issues daily results for the prior quarter.
($1 = 132.5500 yen)
(This story has been refiled to add the missing letter in the headline)
Japan confirms FX interventions twice in Oct to support yen
Terms And Conditions
Privacy Policy
Risk Warning
(C) 2007-2023 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
