Japan Kanda says closely watching FX moves with high sense of urgency

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USD/JPY has lost a few bids on the remarks from Kanda.

Kanda’s comments are more forceful than what we have been hearing last week, mentioning speculation, taking steps …

  • Have been closely watching fx moves with high sense of urgency
  • Will take
    appropriate steps to respond to excessive weakness of yen without
    excluding any measures
  • Yen’s current
    weakness is due to speculation, not reflecting fundamentals
  • In close communication with foreign authorities

Japan’s Finance Ministry’s Vice Finance Minister for International Affairs Kanda. He is the official who will instruct the BOJ to intervene, when he judges it necessary. Often referred to as Japan’s ‘top currency diplomat’.

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