Japan Spent Over $40 Billion Propping up the Yen in October
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Sometimes, it takes money to make money. Japan just found out exactly how much.
In September, the Japanese government began buying yen to stabilize the spiraling currency -- the first such action the country has taken in a quarter century. On Monday, one month later, Japan's Ministry of Finance released new data revealing Tokyo dropped roughly $43 billion in October on the intervention. While the measure largely succeeded in avoiding a worst-case scenario, the currency is still fighting to keep its head above water against the almighty dollar.
Source Fool.com
