Japan's Finance Minister Suzuki: Government will respond appropriately to the yen following the G7 agreement

Japan's Finance Minister Suzuki repeats that FX stability is important, and rapid moves are undesirable. There has been no comment on fx intervention even as the yen falls to the lowest levels since 2002.

''Japan's government will respond appropriately to the exchange rate following the G7 agreement on currencies,'' it was stated. 

Meanwhile, the Bank of Japan is committed to conducting fixed-rate operations, which will be expected to keep this sharp Japanese yen depreciation going for the time to come. After all, the BoJ’s efforts to anchor the yield target around 0% is more important to it than the cost of living and the central bank has made it clear that it firmly believes that higher yields would impose bigger costs on the economy more than FX depreciation.