Japan Digs Deep into Reserves to Prop Up Yen

Japan has made significant efforts to boost its currency by selling dollars on the market. According to recent figures, the country's official reserve assets declined by $79.5 billion in August, reaching a total of slightly over $1.2 trillion. This drop is attributed to a substantial decline in holdings of US Treasuries and other securities, which fell by $87.7 billion.

The Japanese government and the Bank of Japan spent more than ¥15 trillion (approximately $96 billion) on market interventions during this period, with some coordination with the United States. This intervention was aimed at propelling the yen's value upwards.