Japan Spends Record 15.4 Trillion Yen to Support Currency
Digital FinanceMacro Impact 4
The Japanese government spent a record 15.4 trillion yen, or $96.4 billion, to intervene in the foreign exchange market between July 30 and August 26, after the yen fell to a four-decade low. This amount marks the highest ever for intervention within a one-month period. The Ministry of Finance released the data on Friday, and the action was supported by the United States, with finance ministers from both countries confirming they intervened jointly on July 31 and are ready to act again if necessary. The figure does not include the amount spent by the U.S., which is expected to be smaller, but U.S. participation sends a clear policy signal of cooperation in curbing the yen's depreciation.
