Japan’s Deputy Finance Minister Ryosei Akazawa crossed the wires in the last hour and reiterated that the government will intervene in the FX market to curb excess volatility.
Key Quotes:
- Don’t have a specific FX level in mind in deciding when to intervene.
- Any FX intervention will be aimed at arresting excess volatility.
- We won’t intervene just because the Japanese Yen (JPY) is weakening.
Market Reaction:
The USD/JPY pair, meanwhile, remains on the defensive around mid-150.00s in the wake of subdued US Dollar (USD) price action, though reacts little to Akazawa’s intervention warning.
Source: https://www.fxstreet.com/news/japans-akazawa-any-fx-intervention-will-be-aimed-at-arresting-excess-volatility-202311170211