Japan Confirms It Spent A Record $62 Billion In Failed Attempt To Prop Up Yen [zero hedge]
SUMITOMO MITSUI TR S/ADR (SUTNY)
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Source: zero hedge
Japan Confirms It Spent A Record $62 Billion In Failed Attempt To Prop Up Yen Confirming what everyone knew, this morning Japan's finance ministry confirmed that it spent a record ¥9.8 trillion ($62.2 billion) over the past month, but really on two occasions, in a failed attempt to prop up the yen after it fell to a 34-year low against the dollar, surpassing the total amount it used during the last intervention in 2022 to defend the currency, which also failed to prop up the doomed currency. According to Bloomberg, the amount - which covered the period from April 26 to May 29 but really involves the two interventions observed on April 29 and May 1 - exceeded earlier estimates of ¥9.4 trillion based on a comparison of the Bank of Japan’s accounts and money broker forecasts. The record spending on intervention shows what according to Bloomberg is "the commitment of Japan’s government" to push back against speculators betting against the yen. The huge amount also underscores the scale of
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