Japan’s Suzuki: Early May intervention was in a response to speculations

Japanese Finance Minister Shunichi Suzuki said on Tuesday that foreign exchange (FX) intervention had effects to some effects, adding that the central bank will continue to respond appropriately when asked about forex.

At the time of writing, USD/JPY is 0.19% higher on the day trading at 156.38. the USD/JPY pair retreated more than 0.70% on Monday following softer-than-expected business activity data in the United States. This data, along with last Friday’s inflation report, Core PCE, reignited speculation that the US central bank could slash rates toward the end of the year. The pair trades at 156.14.

Key Quotes

Forex intervention had certain effects

Forex intervention was intended to respond to speculative moves

Says will continue to respond appropriately when asked about Forex

Concerned that automakers’ certification irregularities could have large implications