An analysis of the factors behind changes in the Bank of Japan's current account balances found no clear signs that intervention to buy yen was conducted on the 2nd, while detailing market views on whether intervention occurred and its potential scale.
Factors behind changes in the Bank of Japan's current account balances released on the 3rd reportedly showed no clear signs that Japan intervened in the foreign exchange market to buy yen on the 2nd.
The BOJ's data on the factors behind changes in current account balances are used to estimate the scale of intervention, and came in about ¥290 billion above the average forecast from short-term money market firms. While this does not provide conclusive evidence of intervention and the possibility of a small-scale operation remains, no firm conclusion has been reached.
In New York trading hours on the 2nd, market vigilance over the yen's movements intensified, and the yen briefly surged from the upper ¥159 range to around ¥158.20.
The article notes that coordinated intervention by Japan and the United States was conducted, including the yen-buying intervention on 30 July disclosed by the Ministry of Finance, bringing the monthly total to a record ¥15.3993 trillion.
The total intervention amount for 27 August–28 September is scheduled to be disclosed on the 30th of this month, while the daily intervention amount is expected to become known in early November.