Japan's foreign reserves drop by a record $80 billion in August following yen intervention
Finance ministry data showed that Japan's official foreign reserves stand at $1.207 trillion, down from July's figure of $1.287 trillion.
TL;DR
- Japan's foreign reserves fell by 6.18% in August, the largest drop since records began in 2000.
- The total foreign reserves decreased from $1.287 trillion in July to $1.207 trillion in August.
- The decline is attributed to interventions to support the yen and a fall in government bond values due to rising yields.
- This marks the fourth consecutive month of decline for Japan's foreign reserves.
- Japan has conducted significant yen-buying interventions, with the yearly amount spent being a record high.
- A coordinated intervention with the U.S. to support the yen occurred for the first time since 1998.