Japan to Announces Size of Yen-Buying Intervention Today

Japan’s government will announce on Friday the amount it spent for an intervention of the foreign exchange market since last week to cushion the falling Japanese yen.

Money market brokers estimated the government’s spending to prop up the yen at a record of 3.6 trillion yen on September 22 in its first intervention in 24 years.

Prime Minister Fumio Kishida instructed the government to come up with an economic stimulus package to help ease the impact of inflation, citing that a jump of 20-30% in electricity bills from a year earlier has put heavier burdens on households and companies.