Japan finance minister Suzuki:
- Will take appropriate action decisively vs excess fx volatility
- We intervened in fx market last month, when asked what 'decisive' action meant
- Cannot tolerate excess fx volatility driven by speculative moves
Japan Prime Minister Kishida:
- BOJ looks comprehensively at various factors like economy and prices, not just fx, in guiding monetary policy
- FX moves on various factors, when asked whether US-Japan interest rate gap is behind weak yen
- If BOJ policy affects fx moves, govt will work closely with BOJ, take appropriate steps as mentioned earlier by finance minister
- speculative driven rapid forex moves are prolematic
- won't comment on specific yen levels but the government is ready to take appropriate action as needed
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Still waiting for this:
One word from Kuroda is probably worth more than all the words from the other talking heads we have had today. Still, they've had some impact on USD/JPY, its off from highs circa 149.10 to around 148.85 as I update. Not much of a drop really.
