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USD/JPY has lost a few bids on the remarks from Kanda.
Kanda’s comments are more forceful than what we have been hearing last week, mentioning speculation, taking steps …
- Have been closely watching fx moves with high sense of urgency
- Will take
appropriate steps to respond to excessive weakness of yen without
excluding any measures - Yen’s current
weakness is due to speculation, not reflecting fundamentals
- Current yen weakness does not reflect fundamentals
- Yen weakness based
on speculative moves has negative effect on economy - Yen weakness from
speculative moves is not good under any circumstances
Japan’s Finance Ministry’s Vice Finance Minister for International Affairs Kanda. He is the official who will instruct the BOJ to intervene, when he judges it necessary. Often referred to as Japan’s ‘top currency diplomat’.
