Japan may have spent US$23.59-billion in latest attempt to prop up yen: central bank data

Japanese officials may have spent some 3.66 trillion yen on Wednesday in the latest attempt to pull the yen back from near 34-year lows, Bank of Japan data showed on Thursday.

The Ministry of Finance each time declined to say whether or not it was behind the yen rallies, only repeating its readiness to step in at any time to stem disorderly moves. “This is a very large sum in a short period of time,” said Shoki Omori, chief Japan desk strategist at Mizuho Securities, referring to the two rounds of apparent intervention this week.

The speed with which the yen has resumed its decline despite such large scale buying shows how difficult it is to stem the downward momentum.

Source: Digital Coin News (digitalcoinnews.net)

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