ISTANBUL

Japan's international reserves dropped by a record $54 billion month-on-month in September, the official figures showed on Friday.

The reserves fell to $1.24 trillion, the lowest level since March 2017, the Finance Ministry data revealed.

The reserves saw the largest decline on record following the Bank of Japan's first intervention in 24 years to arrest the yen's sharp depreciation, according to Tokyo-based Kyodo News.

The Japanese yen saw its lowest level against the US dollar since the 1990s with 145 level and the bank made an intervention last month by buying yen and selling dollar.

Finance Minister Shunichi Suzuki said the intervention had a "certain effect" and it warned speculators who were behind the yen's sharp slump.

Securities item among reserves decreased to $985.3 billion from $1.03 trillion over the same period.

The reserves also dropped by $171.2 billion on a yearly basis.