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WSJ: Japan spent a record $50 billion in one day to defend the yen, data confirms
The data confirms Tokyo will spend heavily, and alongside Washington, to defend the yen. That keeps intervention risk firmly in play as USD/JPY trades near 158, well within reach of this year’s low near 164. It caps the upside for dollar-yen and makes long positions more two-way, including Morgan Stanley’s carry-driven long USD/JPY call. Rate expectations remain the dominant driver, though: around 80% odds of a December Fed hike are keeping the gap wide, while a December BOJ move, supported by Ueda’s upside-inflation comments, is the main path to narrowing it. Expect officials’ rhetoric to sharpen if the pair approaches 160 again.
Japan Says Three-Day Yen Intervention Lifted Yen in Summer
(Bloomberg) — Japan said it intervened in the currency market three times over the summer to prop up the yen, confirming previously reported actions that included Tokyo's first coordinated operation with the US to support the currency in nearly three decades.
Tokyo bought a daily record of ¥7.98 trillion ($50.4 billion) on July 30 and another ¥5.55 trillion and ¥1.87 trillion in the following days, according to the daily intervention data for last quarter released by the Finance Ministry on Monday. The total amount of ¥15.4 trillion over those three days marked Japan's largest monthly spending on yen-buying intervention.
Japan and the US previously confirmed they had jointly entered the currency market on July 31, their first coordinated operation to support the yen since 1998.
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