This is what it's costing Japan to deal with the Fed's rate hikes

While the Fed fights inflation, every other government is forced to fight the strengthening US dollar. Japan spent a record $42.7 billion in October, more than double the $19 billion it had spent in September, to reduce the yen’s volatility on international currency markets and lower import costs.

Until recently, Japan had refused to admit it was buying up massive amounts of its own currency, obscuring the size of its own interventions from market players. The Bank of Japan (BoJ) is hoping to avoid the bond market meltdown that occurred this month in...