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On Thursday, Japanese Finance Minister Shunichi Suzuki made a verbal intervention. Suzuki stated that he will not rule out taking any measures in response to unwarranted movements in foreign exchange. He went on to say that he and Vice Finance Minister Kanda are always talking about foreign exchange.
As of this writing, the USD/JPY pair is trading at 152.85, down 0.22% for the day.
Key Quotes
“No comment on daily forex moves.”
“Important for currencies to move in a stable manner, reflecting fundamentals.”
“Excessive FX moves are undesirable.”
“Looking at the background of Yen weakening to 152, 153 to Dollar and not necessarily at the levels themselves.”
“In constant communication with Vice Finance Minister Kanda on forex.”
“Won’t rule out any steps to respond to excessive currency moves.”
“Forex levels are basically determined by markets.”
“Weak yen has merits, demerits.”
“Always interested, concerned about the impact of weak yen on prices.”
