Japan’s Suzuki: Rapid FX moves are undesirable, speculative moves seen
Japanese Finance Minister Shunichi Suzuki offered some verbal intervention on Friday. Suzuki said it’s important for currencies to move in a stable manner reflecting fundamentals and he will closely watch foreign exchange moves with a high sense of urgency.
Key quotes
“Important for currencies to move in a stable manner, reflecting fundamentals.”
“Rapid FX moves are undesirable.”
“Speculative move seen behind forex moves.”
“Closely watching FX moves with a high sense of urgency.”
“Won’t rule out any steps to respond to disorderly FX moves.”
“Watching speed of forex moves, not level.”
Market reaction
At the time of writing, USD/JPY is trading 0.01% lower on the day at 151.36.