Comments out of the Japanese Ministry of Finance from the official in charge of JPY intervention, Kanda.

  • Won't comment on whether we intervened in the FX market
  • No change in stance that we are ready to take necessary action 24-7
  • Will continue to take appropriate action against excessive, disorderly market moves
  • Demerits far outweigh the advantages for excessive yen weakness


The yen has been very weak for many, many months. Driven by divergent BOJ-Fed policy and also by deteriorating terms of trade for Japan (weak yen, high energy prices are a bit of a doom loop for it).


USD/JPY is already on the up this morning:

yen intervention 24 October 2022


Kanda is the head currency official at Japan's Ministry of Finance.

In Japan it is he who will instruct the Bank of Japan to intervene when he deems necessary.