Japan's Finance Ministry's Vice Finance Minister for International Affairs Kanda. He is the guy (its normally a guy, yeah) who will instruct the BOJ to intervene, when he judges it necessary. Often referred to as Japan's 'top currency diplomat'.
- Will respond to FX moves if moves become excessive
- FX should move stably reflecting fundamentals
- Will not rule out any options (KAnda was asked about intervention)
- we are focusing on FX moves rather than levels
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On that last comments, it's the pace of moves that seems to concern Japanese authorities - i.e. how quickly yen depreciates. A sharp rapid move will bring about a response from authorities which, so far, have been only verbal internvaiuont not actual yen buying intervention.
As for actual yen buying intervention, it'll be preceded by more pointed comments. I have a guide here:
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More from Kanda:
- recent FX moves are rapid
Masato Kanda
