US bought 79 billion yen in July intervention with Japan

Résumé détaillé

The US Treasury Department bought more than 79 billion yen at the end of July to help support the Japanese currency.

The US Treasury Department bought more than 79 billion yen at the end of July to help support the Japanese currency.

The market intervention was coordinated with Tokyo authorities who also bought the yen.

The Federal Reserve Bank of New York revealed the scale of the US purchases in a report. It sold euros for Japan's currency on July 31st on behalf of the Treasury. It was to counter what was called "disorderly moves" in the yen.

It was the first joint yen-buying intervention by the two countries in 28 years.

The Finance Ministry says Japan bought more than 15 trillion yen in late July and early August. That's about 96 billion dollars at the current exchange rate.

The intervention helped Japan's currency climb more than 7 yen against the dollar into the 155 range.

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