Japan Intervention Estimated at over $33 Billion to Prop up Yen

Tokyo, October 25 (QNA) – Some estimates put the amount that Japan’s government and its central bank spent last week in currency markets to prop up the yen at more than 5 trillion yen, or over 33.6 billion dollars.

On Oct.21, the Japanese currency temporarily surged by more than 7 yen against the dollar, as the government and the Bank of Japan (BOJ) made an unannounced intervention in the New York foreign exchange market, according to Japanese Broadcasting Corporation (NHK World)
On Sep. 22, the government and the BOJ intervened in currency markets for the first time in 24 years.

Market participants speculate that the government and the BOJ were still repeatedly intervening, given the volatility in the foreign exchange market in Tokyo. (QNA)