Japan’s peak FX official says will respond firmly to excessive forex moves

Eamonn Sheridan

Japan’s Ministry of Finance’s Masato Kanda is its top currency official. Kanda is the official responsible for instructing the Bank of Japan to intervene in the currency (in this case to buy the yen) when he deems it appropriate to do so.

  • will firmly respond to excessive FX moves
  • each country will take appropriate response following the G7/G20 agreement on FX

That first comment is significant, “excessive” is a keyword as explained in here:

Japanese intervention to buy yen has been conducted solely by the Bank of Japan, no other central banks have joined for co-ordinated intervention. This is a problem for Japan as all its really done is provided an opportunity for speculators to but the USD/JPY dip.

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