Japan's Ministry of Finance "Foreign Exchange Market Intervention on July 11-12... Approximately 50 Trillion Yen"

Japanese foreign exchange authorities intervened in the foreign exchange market with approximately 50 trillion yen on July 11-12.

According to the Nihon Keizai Shimbun (Nikkei) and others on the 8th, the Japanese Ministry of Finance announced that it intervened in the market with a total of 5.5348 trillion yen (about 50.0363 trillion won) over two days, including 3.1678 trillion yen on July 11 and 2.367 trillion yen on July 12.

Yonhap News

After the U.S. Consumer Price Index (CPI) was released on July 11 (local time), the yen-dollar exchange rate in the New York foreign exchange market plunged more than 4 yen from the 161 yen level to the 157 yen level. The yen-dollar exchange rate fell further the next day. A decline in the dollar-yen exchange rate means an appreciation of the yen.

Although the possibility of intervention by the authorities was raised, the Ministry of Finance at the time stated, "We have nothing to say regarding whether or not there was intervention."

Later, around the end of July, the Ministry of Finance announced that it had intervened with 5.5348 trillion yen between June 27 and July 29. However, it did not disclose the specific dates.

Earlier, Japanese authorities intervened in the market by buying yen and selling dollars worth 5.9185 trillion yen on April 29. This is the largest amount of intervention in a single day.