Tokyo, Aug. 4 (Jiji Press)–Japanese authorities are believed to have bought around 5 trillion yen in a coordinated foreign exchange market intervention with the United States to prop up the Japanese currency Friday, according to market sources. The forecast is based on Bank of Japan data released Monday on estimated changes in commercial financial institutions’ current account deposits at the central bank, which reflect movements of funds used in market intervention. The discrepancy between the central bank data and market estimates on the balance change not taking the intervention into account, which represents the amount of the coordinated operation, is projected at between about 4.5 trillion yen and below 6 trillion yen. Japanese authorities are believed to have carried out a yen-buying intervention amounting to more than 5 trillion yen Thursday, likely bringing the two-day total to more than 10 trillion yen. END [Copyright The Jiji Press, Ltd.]
Japan Likely Bought 5 T. Yen in Forex Intervention Fri.
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