Japan's Deputy Finance Minister Akazawa:

  • Don't have specific FX level in mind in deciding when to intervene
  • Any FX intervention will be aimed at arresting excess volatility
  • We won't intervene just because yen is weakening

And Bank of Japan Governor Ueda weighs in further:

  • Desirable for currencies to move stably reflecting fundamentals

Earlier this week we had an ex-Ministry of Finance guy saying the yen is trading in line with fundamentals:

We've been saying the same thing over and over again at ForexLive for months. Sheesh.

---

And, back to Ueda, more again:

  • It's true consumption in latest gdp data somewhat weak
  • Want to gauge whether consumption continues to recover moderately by looking at various data
  • Service consumption is rising, but consumption of goods that saw sharp price rises such as food, daily necessities is somewhat weak
  • Key to consumption outlook is whether wages will continue to rise
Ueda BOJ

There has been plenty from Ueda today: