Japanese Finance Minister Shunichi Suzuki offered some verbal intervention on Monday. Suzuki said that the speculative moves are seen behind the recent weak Japanese Yen (JPY) and he will not rule out any steps to respond to disorderly foreign exchange moves.
Key quotes
“Won’t comment on Forex levels.”
“Important for currencies to move in a stable manner, reflecting fundamentals.”
“Rapid FX moves are undesirable.”
“Speculative moves seen behind recent weak yen.”
“Won’t rule out any steps to respond to disorderly FX moves.”
“Closely watching FX moves with a high sense of urgency.”
“Will respond fx moves appropriately.”
Market reaction
At the time of writing, USD/JPY is trading 0.01% higher on the day at 151.36.
Source: https://www.fxstreet.com/news/japans-suzuki-rapid-fx-moves-undesirable-speculative-moves-seen-202404010049