Japan Spends Billions Buying Yen in Coordinated Intervention

The Bank of Japan's latest intervention in the currency market has been more extensive than initially thought. Preliminary data suggests that Japan spent around $31.8 billion buying yen on Friday, part of a coordinated effort with US authorities to stabilize the exchange rate.

The move came as the yen surged against the dollar, reaching the 158 range from about 160 earlier in the day. This was not an isolated incident, but rather the second day of yen buying by Japan.

The two-country intervention saw US authorities trading euros for yen, further indicating a coordinated effort to stabilize the market. The exact details and motivations behind this move remain unclear, with no official statements from either country's central bank or treasury department.