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Japan's July 30 yen intervention hit record ¥7.98 trillion

Finance Ministry figures show yen purchases on three days, including July 31, when the United States also intervened to support the currency.

Japanese yen banknotes alongside U.S. dollar notes
Photo: CNA

Japan spent ¥7.98 trillion buying yen on July 30, its largest single-day currency intervention, according to Finance Ministry figures published on November 9. Authorities sold dollars to counter the yen's decline.

The operation exceeded the previous daily high of ¥6.28 trillion on April 30. The ministry's records extend back to 1991. Its quarterly figures identify three intervention days between July 30 and August 3.

Japan bought ¥5.55 trillion on July 31 and ¥1.87 trillion on August 3. The United States also sold euros to buy yen on July 31, joining Japan in a rare coordinated operation.

The daily figures detail an earlier disclosure that Japan spent a record ¥15.4 trillion over the monthly reporting period from July 30 through August 26. Japan resumed yen purchases as the currency approached 164 per dollar, its weakest level in 40 years.

South Korean officials said at the time that the Bank of Korea coordinated the timing of its won purchases with Japan's intervention to make the operations more effective.

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Ananya Iyer

Economy & Policy Editor

Edits and reviews stories on the economy and economic policy: growth, inflation, jobs, central banks, the IMF and World Bank, fiscal and trade policy, and regulators' rules.