MNI BRIEF: Japan's MOF Buys JPY5.5 Trln of Yen in July
MNI (TOKYO) - The Ministry of Finance conducted a total of JPY5.53 trillion of yen-buying interventions on July 11 and 12 to curb depreciation, data on forex interventions for the period from July through September 2024 released by the MOF showed on Friday.
The dollar rose to JPY161.94 on July 3 on the back of a differential interest rate between Japan and the U.S. for the highest level since December 1986.
The yen fell to JPY154 level on Tuesday following the U.S. presidential election, increasing speculation over yen-buying intervention.
Japan's top currency diplomat Atsushi Mimura on Thursday declared readiness to act against a weaker yen.
He described the currency moves as one-sided and drastic and also said that Japanese authorities were "closely watching developments on the currency market, including those driven by speculators, with utmost urgency.”