BOJ Yen Intervention Hits $36.58 Billion Amid Historic Lows
The Bank of Japan (BOJ) has intervened in the foreign exchange market to strengthen the yen, according to central bank data released on Monday. The data suggests that the BOJ spent as much as $36.58 billion buying yen, which is a significant amount aimed at bringing the yen's value back from historic lows against the US dollar.
The BOJ's projection for money market conditions for the following day indicates a 11.4% interest rate on overnight call loans, which could be another factor influencing the currency market.
Japan's Finance Minister Katayama has refrained from commenting on potential forex intervention today.