Japan’s currency intervention to support the yen over the past month was worth ¥5.5 trillion ($36.6 billion), signaling the Japanese government’s willingness to crack down on speculators betting against the yen.
The Finance Ministry on Wednesday released figures for the period from June 27 to July 29, a figure that was broadly in line with earlier estimates based on Bank of Japan accounts and broker forecasts.
The July intervention followed similar actions in April and May, underscoring the government’s commitment to keeping speculators at bay. The latest move appears to have helped stem the tide of yen weakness, helped by increased speculation that the yen’s widening interest rate differential with the U.S. will narrow.
