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Japan Spent $36.6 Billion to Prop Up Yen in Past Month
Japan’s currency intervention to support the yen in the past month was worth ¥5.5 trillion ($36.6 billion), as the government showed its willingness to counter speculators betting against the yen. The finance ministry disclosed figures Wednesday for the period between June 27 to July 29. The amount was largely in line with earlier estimates based on the Bank of Japan’s accounts and money broker forecasts. The July intervention followed similar actions in April and May, underscoring the government’s commitment to keeping speculators on the back foot. The latest action appears to have helped reverse the tide on ... (full story)