Japan’s Suzuki: Closely watching FX moves; will take all possible measures

Japanese Finance Minister Shunichi Suzuki reiterated on Tuesday that he is closely watching FX moves and will take all possible measures. Suzuki added that he is aware that FX is not set as an agenda item at the G20 meeting, but it may be brought up in conversation at the meeting and it is not appropriate to comment on whether FX moves too rapid or excessive.

Market Reaction:

The comments do little to provide any respite to the Japanese Yen (JPY), which remains depressed in the wake of divergent Bank of Japan (BoJ)-Federal Reserve (Fed) policy expectations. Meanwhile, the USD/JPY pair languishes near a 34-year low and holds steady above the 154.00 mark during the Asian session on Tuesday.