BOJ May Have Spent $36.58 Billion Buying Yen Amid Coordinated Intervention

The Bank of Japan (BOJ) has released data indicating that it may have spent as much as $36.58 billion to buy yen in an effort to strengthen the local currency.

This move is aimed at bringing the yen's value back from historic lows against the U.S. dollar, with the BOJ's projection for money market conditions pointing to a 11.4 trillion yen net fund outflow.

The data suggests that Japan and the U.S. have conducted coordinated yen-buying interventions, which have lifted the yen to 157 to the dollar from just above 163, its lowest level in four decades.