Rapid FX moves are undesirable, speculative moves seen

Japanese Finance Minister Shunichi Suzuki offered some verbal intervention on Friday. Suzuki said it’s important for currencies to move in a stable manner reflecting fundamentals and he will closely watch foreign exchange moves with a high sense of urgency. 

Key quotes

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

“Rapid FX moves are undesirable.”

“Speculative move seen behind forex moves.”

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

“Won’t rule out any steps to respond to disorderly FX moves.”

“Watching speed of forex moves, not level.”

Market reaction

At the time of writing, USD/JPY is trading 0.01% lower on the day at 151.36.

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