- Excessive, disorderly currency moves could harm economy, financial system
- Watching fx moves very carefully with great interest
Yada yada yada. USD/JPY hits session low 84.48 before recovering to 84.60 at writing.
- Need to communicate closely with BOJ, act appropriately, flexibly
- No comment on currency intervention
Pairing hit by another wave of selling, presently at 84.40. Not quite sure what Mr Noda hopes to achieve with his musings. They only give USD/JPY bears a green light to sell again, as he seemingly confirms that Japanese authorities not preparing early intervention. Lots of watching though.