Japan Spends Record $96.5 Billion to Support Slumping Yen

Japanese authorities have spent a record $96.5 billion intervening in foreign exchange markets to support the yen over the past month, according to Finance Ministry data.

The intervention shows Tokyo's resolve to pull the yen away from four-decade lows, with currency weakness threatening profits at Japan's heavyweight exporters and pushing up import costs.

The Bank of Japan has kept interest rates low compared to markets like the U.S., encouraging investors to continue funding global trades with cheap yen.