Japanese authorities are likely to have spent more than $30bn last week in their second intervention in a month to prop up the yen after it fell to a fresh 32-year-low against the dollar, according to estimates by traders.
The intervention conducted on Friday came after the yen hit ¥151.94 to the dollar, causing it to briefly surge to ¥144.50 during a typically quiet time of the week for trading. The yen closed around ¥147 on Friday.
During a visit to Australia over the weekend, Fumio Kishida, Japan’s prime minister, said the government would take “appropriate measures” to address excessive volatility in currency markets.
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