Japan stepped into the foreign exchange market three times in total last year, according to a fuller picture of the government’s latest intervention strategy to counter the yen’s historic fall.
The Finance Ministry conducted currency interventions on Oct. 21 and 24, according to the daily operational report for the quarter ended December released by the ministry Tuesday. On the respective days, ¥5.6 trillion ($42.2 billion) and ¥729.6 billion were spent to prop up the yen, which hit a 32-year low against the dollar last autumn.
Added to the surprise action taken on Sept. 22 that kicked off a period of intense yen scrutiny, Japan spent over ¥9 trillion in just over a month to stop the yen’s decline.