Bank of Japan Drops $87 Billion on Yen Support

The Bank of Japan recently made a significant move to support the yen by intervening in the currency market. On July 30 and 31, the central bank reportedly spent approximately $87 billion (11 trillion yen) to bolster the currency.

This intervention took place as the yen has struggled so far this year, reaching a low of 164 to the U.S. dollar on July 30, marking its weakest level since 1986.

In response to the ongoing volatility, Japanese Finance Minister Satsuki Katayama announced that the ministry engaged in coordinated yen-buying efforts with the U.S. Department of the Treasury late last week.