Japan finance minister Suzuki
- Need to maintain market faith in Japan's fiscal policy amid shift to interest rates in positive territory
- Drop in japan foreign reserves as of end-May partially reflect fx intervention
- Will take action against excessive forex moves
- Forex intervention was conducted to address excessive moves
- Forex intervention should be done in restrained manner
- Not taking into account limit to reserves for FX intervention
- Intervention should be done while taking into account necessity and effectiveness
USD/JPY is popping a little:
On Japan's reserves:
- At the end of May were USD1.23tln vs. USD1.28 tln at the end of April
