Japan finance minister Suzuki:
- no comment on FX levels
- says FX stability is important, rapid moves not desirab;le
- Japan's government will respond appropriately to exchange rates, will follow G7 agreement on FX
Nothing at all new here from Suzuki. I posted earlier this week on what he'll say if yen intervention is near by:
- Deutsche Bank says no yen intervention in the near-term.
- Goldman Sachs sees scope for JPY intervention in USD/JPY, but higher than here
USD/JPY dropped lower from its early highs well before the minister did his jawboning: