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Japan spent $43bn in October to defend the yen

Government intervened after currency tumbled to 32-year low against the dollar

Japan spent a record ¥6.35tn ($43bn) in October to prop up the yen in an increasingly intense battle to stem the currency’s decline to 32-year lows.

The government had already spent $20bn in September conducting Japan’s first yen-buying operation since 1998, but there had been no announced action since then.

Traders had speculated that Japan had carried out two more interventions this month, one on October 21 that analysts estimated cost ¥5.5tn and a smaller one on October 24. The intervention figure for September 29 to October 27 released by the finance ministry late on Monday did not disclose how many times the authorities had stepped in.

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