Japan's Finance Ministry says it intervened in the currency market in July to support the yen. The action conducted with the Bank of Japan amounted to 5.5 trillion yen, or about 36 billion dollars.
The ministry on Friday revealed for the first time that it sold the dollar and bought the yen on July 11 and 12.
The Japanese currency had weakened to the 161-yen level against the dollar on July 11. It then gained on the same day as the yen-buying kicked in.
The currency rose further in subsequent months. It strengthened to the 139-yen level at one point in September.
This came as the BOJ raised its interest rate at the end of July and the US Federal Reserve cut its benchmark policy rate in September.
However, the Japanese currency weakened after Donald Trump won the US presidential election this week. It traded around the 153-yen level in Tokyo on Friday.
The ministry on Friday revealed for the first time that it sold the dollar and bought the yen on July 11 and 12.
The Japanese currency had weakened to the 161-yen level against the dollar on July 11. It then gained on the same day as the yen-buying kicked in.
The currency rose further in subsequent months. It strengthened to the 139-yen level at one point in September.
This came as the BOJ raised its interest rate at the end of July and the US Federal Reserve cut its benchmark policy rate in September.
However, the Japanese currency weakened after Donald Trump won the US presidential election this week. It traded around the 153-yen level in Tokyo on Friday.
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Summary
Japan's Finance Ministry disclosed an intervention in the currency market in July, selling dollars and buying yen worth approximately 5.5 trillion yen (36 billion USD) alongside the Bank of Japan. The intervention occurred on July 11 and 12 when the yen had weakened to 161 yen against the dollar,
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ID: 9f9e405a-8eb2-4efa-9f45-ce6f064f5920
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20241108_B04/
Created: 2024/11/09 07:00
Updated: 2025/12/08 09:04
Last Read: 2024/11/09 18:15