Japan Spent a Record ¥15.4 Trillion Defending the Yen in a Month
The Finance Ministry's figures for July 30 to August 26 are the largest monthly intervention on record, about $96 billion.
Japan's Finance Ministry said it spent a record ¥15.4 trillion, about $96 billion, buying yen in the currency markets between July 30 and August 26, the largest monthly intervention on record, according to the ministry's figures reported at the end of August. Governments intervene this way, selling foreign currency reserves to buy their own currency, to slow a sharp fall in its value, which raises the cost of imports such as fuel and food.
For Americans, a weak yen makes travel to Japan and Japanese goods cheaper, while a sudden reversal can ripple through global markets.
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