Japan chief cabinet secretary Matsuno attempting to talk the yen up[.
- desirable for currencies to move stably reflecting economic fundamentals
- closely watching FX moves with a sense of urgency
- excess fx volatility , disorderly fx movements could have adverse effect on economy, financial stability
- ready to take appropriate actions on fx market movements if necessary
- Japan's govt will respond appropriately to exchange rate following G7 agreement on currencies while keeping close communication with the US, other authorities
- no comment on fx market intervention
Last week I posted a bit of a guide to what to listen for from Japanese authorities to help indicate when FX intervention is imminent. None of the above really fits the bill.