Japan Intervened Three Times to Support Yen This Summer

The Ministry of Finance of Japan confirmed it intervened in the currency market three times over the summer to support the yen. Data released Monday revealed that Tokyo executed a daily record purchase of 7.98 trillion yen ($50.4 billion) on July 30, followed by subsequent purchases of 5.55 trillion yen and 1.87 trillion yen.

These actions included the first coordinated operation with the United States to prop up the currency in nearly three decades. The disclosure of three separate intervention days surprised traders, who had previously operated under the belief that the interventions occurred over only two days.