Japan has said it intervened in the currency market three times over the summer to prop up the yen, confirming previously reported actions that included Tokyo’s first coordinated operation with the U.S. to support the currency in nearly three decades. The data showing three days of intervention came as a surprise, as traders had previously thought action came over two days. Tokyo bought a daily record of ¥7.98 trillion ($50.4 billion) on July 30 and another ¥5.55 trillion and ¥1.87 trillion in the following days, according to the daily intervention data for last quarter released by the Finance Ministry on Monday. The total amount of ¥15.4 trillion over those three days marked Japan’s largest monthly spending on yen-buying intervention. Japan and the U.S. previously confirmed they had jointly entered the currency market on July 31, their first coordinated operation to support the yen since 1998. In a time of both misinformation and too much information, quality journalism is more crucial than ever. By subscribing, you can help us get the story right. With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page. Your subscription plan doesn't allow commenting. To learn more see our FAQ Sponsored contents planned and edited by JT Media Enterprise Division.
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