Japan’s Top FX Diplomat Kanda: Will respond appropriately to fx moves without ruling out any options

Anil Panchal FXStreet

“There may be cases where we may conduct stealth intervention,” said Japan’s top currency diplomat Masato Kanda during early Thursday, per Reuters.

Key quotes

Recent fx moves are rapid.

Will respond appropriately to fx moves without ruling out any options.

Excessive FX moves have very bad impact on economy.

Always on standby for in case need for action.

Cannot tolerate excess volatility, disorderly fx moves.

Haven't intervened in market.

Won't necessarily comment on whether we intervened in market.

Won't comment on effects of fx intervention.

No comment on rate checks.

If necessary will definitely do so, when asked about chance of intervention.

General belief is that there's short-term impact on markets, when asked about effect of Fx intervention.

USD/JPY remains firmer

Following the news, USD/JPY grinds higher around the daily tops, up 0.50% near 144.85 by the press time of early Thursday morning in Europe.

Also read: USD/JPY smashes 145.00 for the first time in 24 years as BOJ keeps policy unchanged

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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