The July 30 operation was part of a previously disclosed 15.4 trillion yen (about $97.3 billion) intervention total for 30 July–26 August, not a new intervention.
Japan’s Finance Ministry disclosed on 9 November that authorities spent a record 7.98 trillion yen (about $50.4 billion) buying yen on 30 July. They sold dollars to buy the currency as it approached 164 yen per dollar, its weakest level in 40 years.
The operation exceeded the previous daily record of 6.28 trillion yen (about $39.7 billion) on 30 April. The ministry’s records for the comparison go back to 1991.
The daily figures break down the previously announced 15.4 trillion yen (about $97.3 billion) total for 30 July–26 August. They show two further operations after Japan returned to the currency market on 30 July, CNA Business said.
| Date | Amount spent |
|---|---|
| 31 July | 5.55 trillion yen (about $35.1 billion) |
| 3 August | 1.87 trillion yen (about $11.8 billion) |
The United States joined Japan’s intervention on 31 July, selling euros to buy yen. The Bank of Korea also timed its own purchases of won with Japan’s action to make it more effective, South Korean officials said at the time.
Analysis
Tsuyoshi Ueno, a senior economist at NLI Research Institute, said the scale of the intervention showed the Japanese government’s urgency to stem the yen’s decline. He said the unresolved situation surrounding Iran was a key driver of the currency’s weakness and could keep the yen under downward pressure.
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