Japan’s Suzuki: Watching impact of yen falls with a sense of urgency

Dhwani Mehta FXStreet

Japanese Finance Minister Shunichi Suzuki reiterates that his government “will closely watch the impact of recent yen falls on Japan's economy and price with a sense of urgency.”

Additional quotes

FX stability important.

Rapid moves undesirable.

No comment on FX levels.

No truth to reports to Japan / US joint FX intervention.

Its important to secure ample forex reserves for FX intervention in the future.

Separately, Japanese former Deputy Finance Minister Hiroshi Watanabe said that he doesn't believe the government intends to intervene in the forex market right now while speaking in a Bloomberg interview.

Market reaction

USD/JPY is holding the lower ground just below 127.50, losing 0.50% on the day. The broad US dollar retreat combined with a cautious market mood is aiding the downside in the spot.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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