Japan: Record $53B Single-Day Yen Intervention
Japan spent a record $53 billion intervening to defend the yen, which rebounded above 160 within 24 hours amid U.S. rate checks and South Korea actions.
SourceAnalysis
Japan spent a record $53 billion in a single day to defend the yen, according to Bloomberg, in what may be the largest one-day forex intervention in its history, with the currency rebounding above 160 in under 24 hours. Coordinated moves included South Korea selling dollars the same night while U.S. authorities conducted rate checks, signaling Washington approval after months of yen weakness tied to oil spikes and domestic debt concerns that kept the BOJ on hold at 1%.
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