BOJ Unleashes Record Intervention Amid Yen's Historic Slump
The Bank of Japan's latest efforts to bolster its currency have seen it sell as much as $58.97 billion in yen-buying intervention, according to central bank data.
This is significantly higher than the net outflow of funds projected for the following day, which was 8.2 trillion yen, compared with brokerage forecasts ranging between a surplus of 1.4 trillion yen and a shortfall of 1.73 trillion yen.
The intervention on Thursday, Japan's first such move in three months, aimed to stem the yen's weakness as it slid to four-decade lows.
The Bank of Japan kept interest rates steady but signalled it would continue tightening, with market players expecting rate hikes at a faster pace due to the slow pace of rate hikes being blamed for pushing the yen to a 40-year low.