Japanese Finance Minister Shunichi Suzuki offered some verbal intervention on Friday. Suzuki said that the rapid foreign exchange (FX) moves are undesirable and he will monitor foreign exchange moves with a high sense of urgency.
Key quotes
“Monetary policy decision, including timing on interest rate changes are under BOD’s jurisdiction.”
“Rapid FX moves are undesirable.”
“Closely watching FX moves with a high sense of urgency.”
“Important for currencies to move in a stable manner reflecting fundamentals.”
“Government hopes to joint effort with BOD to stably achieve its inflation target.”
“Won’t rule out any options to deal with excessive FX moves.”
Market reaction
At the time of writing, USD/JPY is trading 0.01% lower on the day at 151.33.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
www.fxstreet.com