Japan Confirms Record Interventions to Support Yen
TOKYO—Japan confirmed on Tuesday that it made record interventions in the foreign exchange market in October, selling the dollar worth 6.35 trillion yen ($48 billion) to support the yen currency, Ministry of Finance (MOF) data showed.
The quarterly data showed a steep drop in the yen to a 32-year low of 151.94 to the dollar on Oct. 21 triggered the intervention that day, followed by another on Oct. 24.
“The interventions were aimed at countering excessive currency moves driven by speculative trading, and they had certain effects,” Finance Minister Shunichi Suzuki told reporters. “We’ll continue to monitor market moves carefully.”
Suzuki said it was important for currencies to move stably reflecting economic fundamentals, and that future interventions were not entirely ruled out….