Japan Admits It Intervened in Forex Markets Twice Last October to Prop Up Yen

Japan's Finance Minister Shunichi Suzuki speaks at a news conference after Japan intervened in the currency market for the first time since 1998 to shore up the battered yen in Tokyo, on Sept. 22, 2022. Kim Kyung-Hoon/Reuters

TOKYO—Japan confirmed on Tuesday that it made record interventions in the foreign exchange market in October, selling the dollar worth 6.35 trillion yen ($48 billion) to support the yen currency, Ministry of Finance (MOF) data showed.

The quarterly data showed a steep drop in the yen to a 32-year low of 151.94 to the dollar on Oct. 21 triggered the intervention that day, followed by another on Oct. 24.