BOJ Sells an Additional US$30 Million into the Market on Monday

• The BOJ yesterday conducted a flash sale of an additional US$30Mn through its B-FXITT foreign exchange intervention and trading tool.  Total eligible bids were $58.20Mn with an average weighted price of 136.43. 

 

• This follows the sale of an initial US$20 million in January and US$30Mn last Friday, which brings total sales so far this year to US$80Mn.   These operations, the Bank says are aimed at “offsetting the effects of excessive daily volatility in the foreign exchange market in recent weeks.”

 

• In the meantime, the Jamaican dollar continues to lose value against the US Dollar.   The currency closed at 137.062 against the US yesterday, representing a loss of 1.06 day-over-day when compared with Friday’s result.

 

(Source: BOJ, NCBCM Research)