Japan's forex reserves drop by record $54 bil. following intervention

Japan's foreign currency reserves fell by a record $54 billion to $1.238 trillion at the end of September, after the first intervention in 24 years to arrest the yen's rapid depreciation, Finance Ministry data showed Friday.Among the reserves, securities, which include U.S. Treasuries, decreased to $985.27 billion from $1.036 trillion at the end of August, marking the largest decline for a month. Deposits were almost flat at $136.11 billion.Japan's foreign currency reserves fell to their lowest level since the end of March 2017, after the largest month-on-month drop of $54 billion.Finance M…READ FULL ARTICLE