FRANKFURT (MNI) – The European Central Bank on Friday confirmed it
participated in the joint action of various central banks to stem the
rise of the Japanese yen on forex markets.
An ECB spokesman said, “The ECB confirms that it took part in the
concerted intervention mentioned in the G7 statement.”
The G7 statement released earlier Friday had stated:
“We, the G7 finance ministers and central bank governors, discussed
the recent dramatic events in Japan and were briefed by our Japanese
colleagues on the current situation and the economic and financial
response put in place by the authorities.
We express our solidarity with the Japanese people in these
difficult times, our readiness to provide any needed cooperation and our
confidence in the resilience of the Japanese economy and financial
sector.
In response to recent movements in the exchange rate of the yen
associated with the tragic events in Japan, and at the request of the
Japanese authorities, the authorities of the United States, the United
Kingdom, Canada, and the European Central Bank will join with Japan, on
March 18, 2011, in concerted intervention in exchange markets. As we
have long stated, excess volatility and disorderly movements in exchange
rates have adverse implications for economic and financial stability. We
will monitor exchange markets closely and will cooperate as
appropriate.”
–Frankfurt bureau tel.: +49-69-720142. Email: dbarwick@marketnews.com
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