Japanese Finance Minister Shunichi Suzuki offered some verbal intervention on Tuesday.
Suzuki said that the Japan ese government is ready to respond appropriately to excessive foreign exchange moves, adding that hewill closely watch FX moves with a high sense of urgency. Key quotes “Won'tcomment on current FX moves.” “Government ready to respond appropriately to excessive FX moves.” “Closely watching FX moves with a high sense of urgency.” “Won'trule out any option, will deal appropriately with excessive FX moves.
The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The current BoJ ultra-loose monetary policy, based on massive stimulus to the economy, has caused the Yen to depreciate against its main currency peers.
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