Japan confirms 5.53 tril. yen spent on forex intervention in June-July

Japan intervened in the currency market by spending 5.53 trillion yen ($37 billion) over the past month, the Finance Ministry said Wednesday, marking its first official acknowledgment of recent efforts to shore up the currency, which hit a nearly 38-year low against the U.S. dollar during this period.The data, covering the period from June 27 to July 29, confirmed market views that the yen's surge, at least on one occasion, was caused by operations conducted by Japanese authorities. No daily breakdowns were released.Until now, Japanese officials have been reticent, seemingly to keep market …READ FULL ARTICLE