Japan Unleashes $59 Billion Yen-Buying Intervention

The Bank of Japan (BOJ) may have sold as much as $58.97 billion in its latest efforts to bolster the yen, central bank data indicated on Friday.

According to market sources, the BOJ conducted a yen-buying, dollar-selling intervention in New York on Thursday, marking its first such move in three months.

The intervention aimed to stem the yen's weakness, which had reached four-decade lows due to the Iran war-driven energy shock and inflation concerns.

The BOJ's projection for money market conditions for the following day showed an 8.2 trillion yen net outflow of funds, exceeding brokerage forecasts.

This suggests that the BOJ may have sold a significant amount of dollars in the foreign exchange markets to weaken the currency and boost exports.