Japan's Foreign Reserves Plummet Amid Record Yen Intervention

Japan's foreign reserve assets plummeted by a record 6.18% in August, marking the largest percentage decline on record, according to the Finance Ministry.

The drop was driven by a decline in the market value of government bonds held in the reserves and Tokyo's record foreign exchange intervention to support the yen, which totaled $98.75 billion.

The ministry reported that between July 30 and August 26, Japan spent a record 15.4 trillion yen ($98.75 billion) on dollar-selling, yen-buying interventions.