Japan Spends $36.58 Billion Buying Yen as Part of Coordinated Intervention

Japan's central bank may have spent up to $36.58 billion buying yen in an effort to strengthen the currency, according to data from the Bank of Japan. This move comes as part of a coordinated intervention with the U.S., aimed at reversing the yen's decline to historic lows against the dollar.

The Bank of Japan's projection for money market conditions pointed to a 11.4 trillion yen net fund outflow, exceeding brokerage forecasts of 5.66 trillion yen to 6.70 trillion yen.

The finance ministry confirmed that Japan and the U.S. have conducted bilateral intervention, stating they will not hesitate to take further action if necessary.