BOJ data suggests additional $13bn yen intervention on Friday

Possible back-to-back moves late last week intended to stop yen slide

Investors are paying close attention to the Bank of Japan's next move with a monetary policy meeting scheduled for July 30 and 31. (Photo by Mizuho Miyazaki)

MITSURU OBE, Nikkei Asia chief business news correspondent

July 16, 2024 20:03 JST

TOKYO -- The Bank of Japan is seen to have stepped into the currency market on two consecutive trading days last Thursday and Friday, data showed on Tuesday, in moves that demonstrate heightened concern among Japan's currency authorities over the yen's sustained depreciation.

The data on the current account balance at the BOJ, released on Tuesday, showed that there is expected to be a liquidity drain of some 2.74 trillion yen ($17.3 billion) from the financial system on Wednesday in connection with various transactions involving the government sector, and follows an earlier drain forecast of some 600 billion yen.