Japan Intervened into Forex Market July 11-12

Tokyo, Nov. 8 (Jiji Press)--Japanese authorities intervened into the foreign exchange market on July 11 and 12, spending 3,167.8 billion yen and 2,367 billion yen, respectively, to prop up the Japanese currency against the dollar, the Finance Ministry said Friday.

Japanese authorities carried out the interventions stealthily, or without announcing the move, in an effort to raise a sense of caution among market participants.

After the release of the U.S. consumer price index on the night of July 11 Japan time, the dollar plunged below 158 yen from around 161 yen. On the night of July 12, the dollar slipped below 158 yen from around 159 yen.

On April 29, when the dollar topped 160 yen, Japanese authorities spent a record 5,918.5 billion yen to support the yen. On May 1, they spent 3.87 trillion yen. But the dollar stayed above 160 yen between late June and early July.

There have been one-sided and rapid moves in the foreign exchange market, Japanese Finance Minister Katsunobu Kato said at a press conference on Friday, apparently referring to the dollar's sharp rise against the yen on Wednesday amid prospects for Donald Trump's win in the U.S. presidential election.

[Copyright The Jiji Press, Ltd.]