Japan Spends $46.9 Billion Buying Yen in Coordinated Intervention

Japan's central bank may have spent up to $46.9 billion buying yen in an attempt to strengthen its value, according to data released on August 3.

The Bank of Japan (BOJ) projected a net fund outflow of ¥11.4 trillion ($93.1 billion) for the next day, exceeding brokerage forecasts of ¥5.66 trillion to ¥6.70 trillion yen.

Japan's Finance Ministry confirmed that the country and the US have conducted coordinated intervention to halt the yen's slide to 40-year lows.

The BOJ held its policy interest rate at 1 percent earlier in the day, while a widening interest rate differential with the US has contributed to the dollar's rise against the yen.