Japanese Finance Minister Shunichi Suzuki said on Wednesday that rapid foreign exchange (FX) movements are undesirable. However, Suzuki declined to comment on whether the US has agreed on Japan's FX intervention.
Key quotes
“Disorderly FX movements negatively impact the economy.”
“Cannot comment on whether the US has agreed on Japan's FX intervention.”
“FX influenced by more than just US-Japan rate difference.”
“BoJ should handle monetary policy.”
“BOJ's government bond purchases are a component of their monetary policy.”
“Will monitoring the effects of increasing interest rates on the economy.”
“Concerned about rising rates leading to fiscal rigidity.”
“Will appropriately run fiscal policy to maintain trust.”
“Will not comment on FX levels.”
“Important for currencies to move in a stable manner, reflecting fundamentals.”
Weak yen has positive and negative aspects.”
Market reaction
At the time of writing, USD/JPY is trading 0.32% higher on the day to trade at 155.20.
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