Record Intervention by Japan: Supporting the Yen's Strength
Japan revealed on Tuesday that it made record-breaking foreign exchange market interventions in October, selling dollars worth 6.35 trillion yen ($48 billion) to boost the yen. The intervention was brought on by the yen's sharp decline to a 32-year low of 151.94 to the dollar in October, according to the quarterly statistics. Since 2003, when it sold a record-breaking 12.3 trillion yen in a single month, this is Japan's largest intervention.