Japan estimated to have spent record 3.6 trillion yen-buying intervention

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Japan estimated to have spent record 3.6 trillion yen-buying intervention

TOKYO Japan is estimated to have spent a record 3.6 trillion yen 25 billion last Thursday in its first dollar-selling, yen-buying intervention in 24 years to stem the currency's weakening, according to estimates by Tokyo money market brokerage firms.

The Ministry of Finance announces the total amount it spent for intervention from Aug. 30 to Sept. 28 when the final figure for the size of the Sept. 22 intervention is available on Friday.

The largest dollar-selling yen-buying intervention on record for a day was 2.62 trillion yen in 1998, during the last spell of intervention during the 1997 98 Asian financial crisis.

The estimates were made by two money market broker firms.

The Japanese currency was at its 24 year low after the Bank of Japan stopped its monetary stimulus, which sent it to its 24 year low above 145 yen to the dollar.