Published: 16:01, November 8, 2024
Japan intervened in currency market on July 11, 12 to support yen
By Xinhua
The Japanese national flag is seen at the Bank of Japan (BoJ) headquarters in Tokyo on June 13, 2024. (PHOTO / AFP)

TOKYO - Japan stepped into the foreign exchange market on July 11 and 12 this year, spending a total of 5.53 trillion yen (about $36 billion) to prop up the yen after it had weakened to around a 38-year low against the US dollar, the Finance Ministry said Friday.

According to the ministry's quarterly data, Japanese authorities spent 3.17 trillion yen on July 11 and 2.37 trillion on July 12 in the dollar-selling, yen-buying operation, bringing the total spent on currency interventions this year to 15.32 trillion yen.

READ MORE: Japan spends 5.92 trillion yen in single-day record to curb currency fall in April

The Finance Ministry had previously revealed it spent the amount during the period from June 27 through July 29, without releasing daily breakdowns.

The data confirmed the belief that Japanese authorities had intervened in the currency market. Over those two days in July, the yen rebounded to as high as 157.30 against the US dollar from as low as 161.76.

READ MORE: Currency official: Japan does not rule out any measures to counter weak yen

On April 29 when the US currency briefly climbed to 160.24 yen, its highest level in 34 years, the Japanese government and the Bank of Japan spent some 9.8 trillion yen at the end of April and early May to slow the yen's rapid fall, official data showed.