TOKYO, Feb. 27 (Kyodo) — Japan used 3.34 trillion yen in February to intervene in the currency market to keep the yen from rising against the U.S. dollar, the Finance Ministry said Friday.
This brought the total amount of funds used for such operations from the beginning of the year to 10.49 trillion yen.
Japan used a record 7.15 trillion yen in January to stem the yen’s rise. A stronger yen hurts the nation’s exports, the main driver of the nation’s economy.
The amount announced Friday covers funds used between Jan. 29 and Feb. 25. Details including the specific currencies purchased and sold will be revealed at a later date.
The dollar shed more than 10% against the yen in 2003. But its falls started to decelerate earlier this month as foreign hedge funds began buying back the dollar.
On Thursday, it briefly rose to 109.84 yen in New York, its highest since early December. The dollar was quoted at 109.07-09 yen at 5 p.m. Friday in Tokyo.
