Gold drops to $4,400 per ounce, down 1.8% in 24 hours
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Paying the price for supporting the yen? Japan's foreign reserves fell by $87.8 billions in August, possibly due to selling US Treasuries for funding.
Japanese authorities may have used part of their foreign exchange reserves, including foreign securities such as U.S. Treasury bonds, over the past month to fund record-sized foreign exchange intervention operations.
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