Japan Intervenes in Forex Market with $50 Billion Yen Buy

Japanese authorities are believed to have carried out a coordinated foreign exchange market intervention with the United States, buying around 5 trillion yen to prop up the Japanese currency. The forecast is based on Bank of Japan data released Monday on estimated changes in commercial financial institutions' current account deposits at the central bank.

The discrepancy between the central bank data and market estimates not taking the intervention into account represents the amount of the coordinated operation, which is projected at between 4.5 trillion yen and below 6 trillion yen.