TOKYO : Japan will release closely watched data on Friday that shows how much it spent intervening in the foreign exchange market to prop up the yen in May, in moves that kept the currency from testing new lows but are unlikely to reverse longer-term declines.
Tokyo is suspected to have spent around a combined 9 trillion yen on April 29 and May 2 to arrest the yen's sharp fall to a 34-year low of 160 to the dollar, according to private-sector estimates.
After hitting a 34-year low of 160.245 yen on April 29, the yen bounced back on suspected intervention but has languished near the 160-threshold, widely seen as authorities' line in the sand for currency intervention.Much of that depends on the strength of the U.S. economy and Federal Reserve's rate cut path, while the Bank of Japan is expected to take its time in raising interest rates this year.
However, U.S. Treasury Secretary Janet Yellen said last week intervention should be restricted to"exceptional" cases, underscoring her"belief" in the market-set exchange rates.
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