Closely watching FX moves with a high sense of urgency

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Japanese Finance Minister Shunichi Suzuki offered some verbal intervention on Friday. Suzuki said that he will closely monitor foreign exchange moves. 

Key quotes

“Won’t comment on forex levels.”

“Important for currencies to move in a stable manner reflecting fundamentals.”

“Stable moves of FX desirable.”

“Must respect the independence of BOJ.”

“Up to BOJ to decide monetary policy.”

“Closely watching FX moves with a high sense of urgency.”

“Up to BOJ to decide monetary policy including the timing of ending negative interest rates.”

“Aware there are various opinions in financial markets about the fate of negative rates.”

“Won’t comment on FX intervention as doing so may affect the market.”

Market reaction

At the time of writing, USD/JPY is trading 0.07% higher on the day at 150.05.