Market Data Hints at Massive Yen Intervention by Japan

Japan is actively prepared to address foreign exchange issues, emphasized Masato Kanda, a top currency official, in light of recent market data indicating a possible $35 billion intervention by the finance ministry to support the depreciating yen. Although Kanda did not confirm Monday’s sudden yen rise as an intervention, traders and a former official suggested it was. Additionally, central bank projections expect increased yen receipts, hinting at substantial yen purchases, which usually settle in two days.