Japan's Finance Ministry's Vice Finance Minister for International Affairs Kanda. He is the MoF official who will instruct the BOJ to intervene, when he judges it necessary. Often referred to as Japan's 'top currency diplomat'.
USD/JPY popped above 150 during US trade only to collapse as low as 147.30.
- USD/JPY smashed lower in sign of intervention
- Japan senior MOF official asked about intervention: No comment
Kanda remarks:
- No comment on whether Japan intervened in fx market
- Looking at implied volatility, various factors when determining what is excessive move
- One-sided, big moves would be considered excessive move
- Our stance against excessive moves is unchanged
- Won't comment on whether yesterday's move was excessive
- Will take appropriate steps against excessive moves without ruling out any options
- We have only taken steps that have the understanding of US authorities
Masato Kanda
