Japan's foreign reserves fall fastest since 2000
Japan's foreign reserves fell 6.18% in August to $1.207 trillion from $1.287 trillion in July, the fastest monthly decline in ministry records and the fourth straight monthly drop. Officials and media linked the fall to dollar-selling, yen-buying interventions and lower government bond valuations after a jump in yields. Tokyo bought about 11.73 trillion yen in April and May and 15.4 trillion yen at the end of July, bringing total intervention spending to 27.1 trillion yen this year, the largest annual amount on record and including a coordinated move with the US.
Japan spent a record 27.1 trillion yen on FX interventions
Context
The yen weakened to a 40-year low in July and global bond yields rose. Japan and the US have intervened to support the yen. If interventions continue, reserves could fall further.
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