Japan spent a record Y4,510bn ($58bn) on one day’s currency intervention in August as it tried to stem the rise of the yen, according to figures released on Wednesday by the country’s Ministry of Finance.
The MoF data did not specify which currencies were bought and sold, nor the date on which the action took place. Traders said, however, that the Bank of Japan only intervened on behalf of the government on August 4, and only in the dollar against the yen.
That meant the amount of intervention, which was in line with market estimates, was more than double the previous daily record of Y2,125bn that Japan sold on September 16 last year to rein in its currency.
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