Japan's Kanda says can't accept one-sided speculative FX moves, like those of last year

Japan's Finance Ministry's Vice Finance Minister for International Affairs Kanda. He is the guy (its normally a guy, yeah) who will instruct the BOJ to intervene, when he judges it necessary. Often referred to as Japan's 'top currency diplomat'.

Comments:

• Cannot tolerate rapid, one-sided fx moves driven by speculative trade, such as those seen last year
• Important for fx markets to move stably reflecting economic fundamentals
• Currency rates Currency Rates Currency rates (also known as the exchange rates) are the price at which one nation’s currency is valued against another nation’s currency. It consists of two parts. The base currency and the quote currency. The base is always valued at one, while the quote fluctuates. For example, when observing the currency rate of the euro versus the US dollar, this will be written as EUR/USD, with the euro (EUR) being the base and the US dollar (USD) being the quote. As mentioned, the base currency always ha Currency rates (also known as the exchange rates) are the price at which one nation’s currency is valued against another nation’s currency. It consists of two parts. The base currency and the quote currency. The base is always valued at one, while the quote fluctuates. For example, when observing the currency rate of the euro versus the US dollar, this will be written as EUR/USD, with the euro (EUR) being the base and the US dollar (USD) being the quote. As mentioned, the base currency always ha Read this Term are basically set by markets
• Excess fx volatility Volatility In terms of trading, volatility refers to the amount of change in the rate of an index or asset, such as forex, commodities, stocks, over a given time period. Trading volatility can be a means of describing an instrument’s fluctuation. For example, a highly volatile stock equates to large fluctuations in price, whereas a low volatile stock equates to tepid fluctuations in price. Overall, volatility is an important statistical indicator used by many parties, including financial traders, analysts, In terms of trading, volatility refers to the amount of change in the rate of an index or asset, such as forex, commodities, stocks, over a given time period. Trading volatility can be a means of describing an instrument’s fluctuation. For example, a highly volatile stock equates to large fluctuations in price, whereas a low volatile stock equates to tepid fluctuations in price. Overall, volatility is an important statistical indicator used by many parties, including financial traders, analysts, Read this Term and disorderly moves can hurt economic and financial stability
• BOJ targets price stability, while MoF seeks stable currency moves
• Wants to discuss enhancing Chiang-Mai initiative by making its swap arrangement more flexible

There is little yen response. This sort of verbal intervention can be of use when the moves are one-sided, and as he says they were last year (you'll recall the sharp yen weakness that turned in late October). But right now, is he just blowing off stream? 'Cause they is no pressing need for them.