Key facts
- Japan may have spent approximately $31.8 billion on Friday buying yen.
- The U.S. participated in the intervention by trading euros for yen.
- The yen surged to the 158 range against the dollar from about 160.
- This intervention is part of a broader effort where Japan may have spent up to $36.58 billion.
Preliminary money market data released by the Bank of Japan suggests that Japan spent around $31.8 billion on Friday buying yen. This intervention, which saw the yen surge to the 158 range against the dollar from about 160, was part of a coordinated effort with U.S. authorities who traded euros for yen. This follows earlier reports that Japan may have spent up to $36.58 billion in total to strengthen the currency. Analysts, however, remain skeptical that these interventions will deter speculators without tighter monetary policy from the Bank of Japan.