Bank of Japan September FX intervention revealed

MARKET NEWS

TOKYO -- The extent of Japan’s interventions in the aftermath of the September 11 attacks on the US was revealed last week by the Japanese ministry of finance (MoF).

Between September 17 and September 28 the Bank of Japan, acting on behalf of the MoF spent more than $26 billion in the FX markets in a bid to weaken the yen, or at least halt its rise. During the 10 interventions over an 11-day period, the BoJ largely sold yen to buy US dollars, although there was some euro-buying as well.

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