TOKYO, Nov 1 (NNN-NHK) – Japan spent a record 6.3499 trillion yen (about 42.8 billion U.S. dollars), on multiple interventions in the currency market last month, Finance Ministry data showed yesterday, as the country takes steps to prop up its currency.
After the yen neared 152 to the dollar, sources confirmed Japan intervened on Oct 21, although market observers here believed such operations will have a limited impact.
The previous high was 2.84 trillion yen set in Sept, thought to have been primarily spent on Sept 22, when Japan stepped into the market by buying the yen with U.S. dollars for the first time since 1998, Kyodo News reported.
Japan’s foreign currency reserves dropped by 54 billion U.S. dollars to 1.238 trillion U.S. dollars at the end of Sept, marking a record monthly decline.– NNN-NHK
