BOJ data suggests Japan sold record 4.46-4.66 trillion yen in
TOKYO (Reuters) - Money market data from the Bank of Japan on Friday suggested Japan's yen-selling intervention the previous day may have totaled a record amount around 4.46-4.66 trillion yen ($56.6-59.2 billion).
Currency trades are settled two days after the transaction and the BOJ's projection for Monday's money market conditions showed there will be 4.46 trillion yen in payments to banks from the public sector.
That compared with zero to 200 billion yen of payments from banks to the government that money brokers had been expecting, excluding intervention.
Market players say the 4.46 to 4.66 trillion yen difference between their expectation and the BOJ's projection is likely a reflection largely of yen payments due to Japan's yen-selling intervention on Thursday.
If confirmed, it would surpass the record 2.1249 trillion yen of yen selling when Japanese authorities intervened on September 15 last year.
Japan intervened in the market for the first time since March Thursday to stem the yen's gains, which policy-makers fear could derail the economy as it edges toward recovery from the March earthquake disaster.
The Nikkei business daily reported on Friday that the intervention reached a record 4 trillion yen ($50.6 billion).
The Ministry of Finance will officially announce on August 31 how much it spent on currency market intervention in August.