Japan 'likely' spent $13B to support yen against US dollar: Report

By Gokhan Ergocun

ISTANBUL (AA) – Japan likely spent around 2 trillion yen (around $13 billion) to support its national currency against the US dollar on Friday.

Japan may have spent over 5 trillion yen ($32.5 billion) in the latest cycle of interventions to support the yen, which fell to a 37-year low near the 162 line, Tokyo-based KyodoNews reported, citing market sources and central bank data released on Tuesday.

On Friday, the dollar saw a 157 level against the yen, a three-week low, fueling speculation about intervention, it said.

The dollar traded at 158 yen on Tuesday.

"Market players were apparently caught off guard last week after the dollar abruptly tumbled over 4 yen on Thursday in New York, after U.S. data showed inflation had continued to slow, boosting the likelihood of a rate cut by the Federal Reserve in September," it added.