According to data from Japan’s Ministry of Finance, the yen was supported last month by the infusion of about $62 billion into the currency market.
The ministry verified on Friday the skepticism of experts and traders over Tokyo’s two entries into the exchange market last month, following the yen’s decline to its lowest point versus the dollar in 34 years.
As the yen approaches the 160-yen barrier versus the US dollar, the Central Bank of Japan’s action demonstrates its will to halt the currency’s depreciation against the US dollar.