TOKYO — Japan's foreign exchange reserves hit a record high of 1.1 trillion dollars in September when authorities intervened in currency markets to stem the yen's rise, the finance ministry said Thursday.
The level was 39.45 billion dollars higher than the previous month, as Tokyo struggles to tame the appreciation of the Japanese unit, the ministry said.
The figure compared with the previous
.
record of 1.07 trillion dollars, reached in November 2009.
Japan stepped into the currency markets on September 15 for the first time since 2004 in a unilateral 2.125 trillion yen (25.5 billion dollars) move to dampen the yen's rise and help protect an export-led recovery.
A strong yen hurts Japanese exporters by making their products relatively more expensive overseas and shrinking their overseas earnings when repatriated.
The interventions temporarily boosted the dollar, but the impact was short-lived.
The dollar, dropping to a fresh 15 year low of 82.75 in New York overnight, was hovering around 82.90 in Tokyo Thursday morning trade.
(source:AFP)
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