Huo Xing Finance reports that on August 4, U.S. sources indicated 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 the central bank used $53 billion on July 30 and $34 billion on July 31, totaling $87 billion (11 trillion yen), to buy yen and support its exchange rate. (CCTV)
Japan's latest forex intervention may cost $87 billion to support the yen.
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Summary
Japan’s latest forex intervention to support the yen may cost $87 billion, or 11 trillion yen, according to MarsBit. The Bank of Japan likely spent $53 billion on July 30 and $34 billion on July 31 to buy yen. Traders are now monitoring key support levels in yen pairs. With central bank action underway, altcoins to watch could see renewed interest as market focus shifts.
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