Japan did not conduct FX intervention in Oct – MOF

TOKYO, Oct 29 (BestGrowthStock) – Japanese authorities did not
conduct any foreign exchange intervention between Sept. 29 and
Oct. 27, the Ministry of Finance said on Friday.

Japan stepped in to sell yen on Sept. 15 for the first time
in more than six years after the dollar slid to a 15-year low
against the yen, with market players estimating that Japan
conducted roughly 2 trillion yen ($25 billion) in yen-selling
intervention on that day alone.

Market players say Japanese authorities have probably stayed
out of the market after that Sept. 15 intervention, even though
the dollar has dropped further against the yen, hurt by market
expectations on the U.S. Federal Reserve unveiling a second round
of quantitative easing at its Nov. 2-3 policy meeting.

Traders say Japanese authorities may have a hard time
justifying further intervention unless the dollar’s drop against
the yen becomes more rapid, especially after Group of 20
economies agreed to shun currency devaluations and Japan’s recent
criticism of South Korea for intervention.
(Reporting by Masayuki Kitano; Editing by Joseph Radford)

Japan did not conduct FX intervention in Oct – MOF