Japan’s Foreign Reserves Drop by Record on Market Shakeout, FX Intervention
TOKYO—Japan’s foreign reserves fell by a record $54 billion in September, official data showed on Friday, as global market ructions dented the value of foreign bonds and prompted dollar-selling intervention to arrest a steep decline in the yen.
The reserves stood at $1.238 trillion at the end of September, the lowest amount since the end of March 2017, according to the Ministry of Finance (MOF) data.
The data on Japan’s foreign reserves, the world’s second largest in size after China, came a week after separate MOF figures showed Tokyo spent up to a record 2.8 trillion yen ($19.32 billion) intervening in the market last month….