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Japan suspected of injecting 5 trillion yen into the forex market

TOKYOMay 01 (News On Japan) – Market insiders estimate that the government and the Bank of Japan (BOJ) may have carried out a 5 trillion yen forex intervention.

A comparison between the BOJ’s forecast on changes in current account deposits, published on the 30th, and previous forecasts from financial transaction brokers, revealed a discrepancy of more than 5 trillion yen.

Market insiders suggest that much of this variance can be attributed to funds moved during a forex intervention.

According to these estimates, an intervention amounting to 5 trillion yen would have taken place on the 29th.

In the foreign exchange market on the 29th, the yen fell dramatically to 160 yen per dollar, only to rise again shortly afterwards to 154 yen per dollar.

Although market voices point to a possible intervention, the government has refrained from making any definitive statements about the intervention.

Source: ANN

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