Japan Gives Details Of Sep. $20 Bil. Single - Day Forex Splurge
Japan's Finance Ministry has released details of record recent currency market interventions by the government and the Bank of Japan. The ministry released daily records for the July-to-September period showing that all the buying occurred in a single day.
The government and central bank sold nearly 20 billion dollars on September 22 to buy more than 2.83 trillion yen in an effort to shore up Japan's currency.
Right after the move, the Japanese currency jumped more than 5 yen against the dollar. But its value soon began sliding, so the government and central bank stepped again on October 21 during New York trading hours.
The Ministry says Japan's foreign currency reserves at the end of October stood at less than 1.2 trillion dollars. Those assets serve as funds for market interventions.