Japan may have spent $35 billion in yen-buying intervention, BOJ data shows
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TOKYO, May 1 : Japan may have spent as much as 5.48 trillion yen ($35 billion) bolstering its embattled currency, central bank data indicated on Friday, following reports that Tokyo intervened on Thursday to arrest a sharp selloff in the yen.
The Bank of Japan's projection for money market conditions on May 7, the next market day after a stretch of domestic holidays, indicated a 9.48 trillion yen net outflow of funds.
Major money market firms had forecast a drawdown of between 4 trillion yen and 4.5 trillion yen.
Yen-buying activity involves the BOJ soaking up yen from markets, so any outsized shortfalls in funds can offer potential clues as to how much was spent on any intervention.
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Japan intervened to support the yen against the U.S. dollar on Thursday, sources familiar with the matter told Reuters, in its latest attempt to halt a slide exacerbated by a spike in oil prices linked to the Iran war.
Prior to that, Japan's most recent intervention happened in July 2024, when it spent about $36.8 billion to bolster the yen after it sank to a 38-year low of 161.96 per dollar.
($1 = 156.5500 yen)
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