Japan’s Finance Ministry said on Monday that the Japanese government intervened several times in the yen in October. And it spent 6.35 trillion yen, or 43 billion dollars, to support the continued fall of the Yen.
Japan’s Finance Ministry said on Monday that the Japanese government intervened several times in the yen in October. And it spent 6.35 trillion yen, or 43 billion dollars, to support the continued fall of the Yen.
Kyodo News Agency reported, citing an inside source. The Japanese government has secretly intervened in the Yen to support the continued weakening of the Japanese yen. And found that the Yen had been tampered with many times and spent a lot of money.
On September 22, the Tokyo government spent 2.84 trillion yen to intervene in the money market. This is the first time since 1998 that you can buy your own yen in US dollars.
The Tokyo government has never publicly announced the intervention and has never disclosed how much money was used to support the intervention.
Japan’s Kyodo news agency also said Japanese authorities have secretly intervened at least twice on October 21 and October 24.
Yen depreciation is a good thing for Japanese exporters. To see more profit, but Japan, which is a country with limited resources. It was heavily affected by the weakening of the yen due to imported goods. Food and energy prices have increased exponentially.
Japan has been facing rising commodity prices for 13 straight months. And the situation worsened after Western countries sanctioned Russia to punish special military operations in Ukraine.
