Japan's Yen Intervention Causes Record Reserve Drop

Japan reported its largest monthly decline in foreign reserves, falling by a record 6% after the government intervened to support the yen. The yen climbed to a six-month high as rate outlooks shifted, and Japan spent big to boost the currency. This intervention led to the biggest drop in reserves ever recorded. Meanwhile, UBS hired three former Nomura salespeople as part of its latest expansion in Japan, and the Nikkei rose over 2% on chip-related stocks.