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Currencies

Japan likely spent record $21bn to prop up yen

Kuroda calls intervention 'highly appropriate' as currency slides once again

BOJ Gov. Haruhiko Kuroda speaks at a business roundtable in Osaka on Sept. 26.

TOKYO -- Japan's intervention in the currency market last week cost roughly 3 trillion yen ($20.9 billion), making it the country's largest single-day action on record, new Bank of Japan data suggests.

The BOJ and the Japanese government intervened for the first time in 24 years to buy the yen and sell the dollar Thursday, but it takes two business days for the settlements to show in the central bank's accounts. Friday was a national holiday, so the scope of the intervention will become apparent Tuesday.

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