Japan spent record $96bn to support yen

Japan spent 15.4 trillion yen, or $96 billion, to support the yen between July 30 and August 26, the finance ministry said Friday, calling it the largest monthly intervention on record.

The ministry data did not specify the exact dates of the market operations. The Bank of Japan intervenes in currency markets under the ministry's instruction to limit economic damage from large exchange-rate moves.

Tokyo and Washington carried out their first joint intervention in 28 years on July 31 after the yen hit 163.99 per dollar, its weakest level since 1986. The currency rose that day to 157.40 per dollar and was at 159.6 per dollar on Friday.

US President Donald Trump later confirmed the joint action and called it a “signal of friendship” with Japan and “good for the world economy.”

The July intervention was the first time since 2011 that the United States, Japan and other G7 members acted together on the yen, when they sold yen after a major earthquake. The last time Washington and Tokyo bought yen was 1998.