The Federal Reserve Bank of New York purchased $1 billion of the U.S. currency on March 18, when the group of seven nations (G7) intervened to cut short the surge in the yen, The Wall Street Journal reports. The intervention amount was evenly divided between the Federal Reserve System’s Open Market Account and the U.S. Treasury’s Exchange Stabilization Fund. The coordinated G7 intervention was carried out by the FX trading desk at the New York Fed, operating in conjunction with Japanese monetary authorities, the European Central Bank, the Bank of Canada and the Bank of England. At the end of the first quarter, the value of the Exchange Stabilization Fund foreign currency-denominated assets totaled $26.19 billion, while the Federal Reserve System Open Market Account holdings of foreign-currency-denominated assets totaled $26.21 billion.
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