Japan’s foreign currency reserves fell to $994.9 billion at the end of August, dropping below the psychologically important $1 trillion mark for the first time in recent memory. Tokyo spent a record $96.5 billion (¥15.3993 trillion) in yen-buying interventions between late July and late August, the largest monthly intervention total ever recorded by Japanese authorities. To fund the buying spree, Japan liquidated $87.8 billion in foreign securities, predominantly US Treasuries. The United States participated directly with a coordinated intervention on July 31, the first such joint operation in approximately 28 years.
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