Japan’s currency intervention to support the yen in the past month was worth ¥5.5 trillion ($36.6 billion), with the government showing its willingness to counter speculators betting against the yen.
The Finance Ministry disclosed figures Wednesday for the period between June 27 to July 29. The amount was largely in line with earlier estimates based on the Bank of Japan’s accounts and money broker forecasts.
The July intervention followed similar actions in April and May, underscoring the government’s commitment to keeping speculators on the back foot. The latest action appears to have helped reverse the tide on the yen’s weakness, helped in part by heightened speculation that the gaping rate differential between Japan and the U.S. will begin to narrow.