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JAPAN: MoF Confirm JPY Intervention - Alongside Expectations

JAPAN
  • Japan's Ministry of Finance confirm that Japan spent Y 9.8trl in currency intervention across April 26th - May 29th.
  • Confirmation - as expected - of the Japanese intervention phases across the past month - Y9.8trl is just ahead of expectation (gauged at ~Y9.4trl) and does mark the largest month for intervention on record in JPY terms (but again no surprise here given the prevailing spot rate). No reaction in JPY markets, with JPY still toward the lower-end of the day's range.

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