Japan may have spent $35 billion in yen-buying intervention, BOJ data shows

Japan may have spent as much as 5.48 trillion yen ($35 billion) bolstering its embattled currency, central bank data indicated on Friday, following reports that Tokyo intervened on Thursday to arrest a sharp selloff in the yen. The Bank of Japan's projection for money market conditions on May 7, the next market day after a stretch of domestic holidays, indicated a 9.48 trillion yen net outflow of funds. Major money market firms had forecast a drawdown of between 4 trillion yen and 4.5 trillion yen. Yen-buying activity involves the BOJ soaking up yen from markets, so any outsized shortfalls in funds can offer ...