Bank of Japan Deposits Suggest Record 8 Trillion Yen Spent on Intervention

Japan may have spent a record amount intervening yesterday to stem the yen’s gains, according to the Bank of Japan’s projection of deposits held by financial institutions at the central bank.

The BOJ estimated that deposits climbed 7.7 trillion yen ($99 billion) to a total 37.2 trillion yen, it said in a statement released today in Tokyo. The figure suggests that the government sold approximately 8 trillion yen yesterday after the currency strengthened to a post-World War II high, said Yuichi Takahashi, a market economist at Totan Research Co. in Tokyo.

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