BlockBeats report: On August 4, U.S. sources stated that, in support of the yen’s exchange rate, Japan’s central bank likely deployed approximately $87 billion, equivalent to 11 trillion yen, in its latest foreign exchange intervention. According to calculations based on the Bank of Japan’s latest money market data, it is believed that on July 30 and 31, the central bank respectively used $53 billion and $34 billion—totaling $87 billion, or 11 trillion yen—to buy yen and support its exchange rate. (CCTV)
Japan's latest forex intervention may cost $8.7 billion to support the yen.
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Summary
Japan’s latest forex intervention to support the yen may cost $8.7 billion, or 11 trillion yen, according to BlockBeats. The Bank of Japan likely spent $5.3 billion on July 30 and $3.4 billion the following day. Traders are now monitoring key support levels in yen-related assets. With market volatility increasing, altcoins to watch may include those with exposure to the yen.
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