Japanese officials may have spent around 3.66 trillion yen ($23.59 billion) on Wednesday to boost the yen from near 34-year lows, according to Bank of Japan data. The yen was at approximately 157.55 per dollar before suddenly strengthening to 153 within half an hour. Earlier in the week, the finance ministry intervened with an unprecedented 6 trillion yen to support the yen after it hit 160.245 per dollar for the first time since April 1990. The Ministry of Finance did not confirm its involvement in the yen rallies but stated its readiness to intervene to prevent disorderly market movements. Currency trades take two days to settle, and with Japanese markets closed for public holidays on Friday and Monday, the central bank projects a net receipt of funds of 4.36 trillion yen for the following Tuesday. This contrasts with estimates from money market brokerages, which do not account for intervention. ($1 = 155.1400 yen)
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