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Early Estimates Suggest Japan Didn’t Buy Yen on Tuesday
Japan likely refrained from intervening in foreign exchange markets to prop up the yen late Tuesday, according to a calculation based on projected central bank figures and estimates by private money brokers. Unlike last year’s massive yen buying operations in September, when there were noticeable discrepancies in Bank of Japan current account figures compared with private sector estimates of government fund flows, the central bank’s initial projections for its balance ahead of a report on Thursday are in line with forecasts. The early figures, released Wednesday evening in Tokyo, suggest that Japan didn’t step ... (full story)