Japan MoF official says nervous moves are seen in currency market
|Japan's Ministry of Finance official says nervous moves are seen in the currency market and that they re closely watching market moves with a greater sense of urgency.
Key notes
Will consider whether to hold 3-party MoF, BoJ, FSA meeting of officials to discuss markets.
FX implications
It's a tricky situation, as the US will likely be scrutinizing each and every move of the Japanese with respect to FX manipulation. The Bank of Japan is in a tight position considering that local banking system profitability is already under pressure. Slowing the strength of the yen against a market intent on buying the currency will be no easy task.
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