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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Bank of Japan Pumps More than $62 Bln to Reverse Yen Decline


Mon 03 Jun 2024 | 03:57 AM
Taarek Refaat

Figures from the Ministry of Finance in Japan showed that more than $62 billion was pumped into the exchange market last month to support the yen.

On Friday, the ministry confirmed the doubts of traders and analysts that Tokyo entered the exchange market on two occasions last month, after the yen reached its lowest level against the dollar in 34 years.

The Central Bank of Japan's intervention confirms its determination to stop the yen's bleeding against the dollar, as it approaches the 160 yen barrier against the US currency.