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Japan spent record of nearly $20.0 bln on intervention to support the yen - Reuters

Japan spent record of nearly $20.0 bln on intervention to support the yen - Reuters

Japan spent record of nearly $20.0 bln on intervention to support the yen - Reuters
Oct 01, 2022 57 secs

TOKYO, Sept 30 (Reuters) - Japan spent up to a record 2.8 trillion yen ($19.7 billion) intervening in the foreign exchange market last week to prop up the yen, Ministry of Finance data showed on Friday, draining nearly 15% of funds it has readily available for intervention.

The figure was less than the 3.6 trillion yen estimated by Tokyo money market brokers for Japan's first dollar-selling, yen-buying intervention in 24 years to stem the currency's sharp weakening.

It would surpass the previous record for dollar-selling, yen-buying intervention in 1998 of 2.62 trillion yen.

Japan held roughly $1.3 trillion in reserves, the second biggest after China, of which $135.5 billion was held as deposits parked with foreign central banks and the Bank for International Settlements (BIS), according to foreign reserves data released on Sept.

Those deposits can easily be tapped to finance further dollar-selling, yen-buying intervention7

Other holdings include gold, reserves at the International Monetary Fund (IMF) and IMF special drawing rights (SDRs), although procuring dollar funds from these assets would take time, analysts say.

Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.

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