Japan Intervened in Yen's Value Only Twice Last Quarter

Forex - As speculation increases about the possibility of further moves with the recent weakening of the yen, Japan announced that it only intervened in the foreign exchange market twice in the last quarter. According to the daily account data for the end of September, released on Friday, the Ministry of Finance intervened in the yen on July 11 and 12, spending 3.17 trillion yen ($20.7 billion) and 2.37 trillion yen, respectively. Before the government took action in July, the yen was trading at over 160 to the dollar, marking its lowest level in 38 years, influenced by speculators betting on the widening cost of borrowing between Japan and the U.S. The released report also confirmed that no additional intervention had been carried out beyond these two dates.