BOJ account data indicates Japan spent about 5.33 trillion yen (~$34 billion) in
last Friday’s FX intervention to support the yen, stepping up after a
coordinated move with the US on Thursday. Finance Minister Satsuki Katayama
confirmed the intervention on Monday. Authorities continued to buy yen,
underscoring resolve to counter yen shorts. The US Treasury joined support last
week, the closest exchange-rate policy coordination in 15 years; BOJ account
analysis does not reflect the size of US intervention, and US participation may
have reduced the funds Japan needed to achieve the same exchange-rate effect.