Japan Sells $756 Billion in Foreign Securities, Including U.S. Treasuries, for Record Yen Defense

According to Japan's Ministry of Finance, the country liquidated $756 billion in foreign securities, including U.S. Treasuries, in May to fund record currency intervention operations. The ministry disclosed Friday that through May 27, Japan deployed a record 11.73 trillion yen ($734 billion) for foreign exchange market intervention to support the weakening yen. A finance ministry official acknowledged that the currency intervention was a primary driver of the sharp decline in foreign reserves, the largest such reduction on record.
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