Japanese Finance Minister Shunichi Suzuki offered some verbal intervention on Friday. Suzuki said it’s important for currencies to move in a stable manner reflecting fundamentals and he will closely watch foreign exchange moves with a high sense of urgency.
Key quotes
“Important for currencies to move in a stable manner, reflecting fundamentals.”
“Rapid FX moves are undesirable.”
“Speculative move seen behind forex moves.”
“Closely watching FX moves with a high sense of urgency.”
“Won’t rule out any steps to respond to disorderly FX moves.”
“Watching speed of forex moves, not level.”
“Speculative moves may be behind JPY weakness amid falling interest rate differentials.”
Market reaction
At the time of writing, USD/JPY is trading 0.01% lower on the day at 151.36.
Source: https://www.fxstreet.com/news/japans-suzuki-rapid-fx-moves-are-undesirable-speculative-moves-seen-202403290055