Comments in an interview with the Nikkei from 'Japan's top currency diplomat' Masatsugu Asakawa
This was out a while ago, but posting it now for a few interesting reasons.
- "Buying pressure has concentrated on the yen as a safe haven as global financial markets were unstable"
- said it was "natural" for stocks and currency rates to make adjustments... The problem, however, was that market moves would be exaggerated if investors get the impression that policymakers were taking an ad-hoc policy response to market swings, Asakawa was quoted as saying.
- "Communication with markets is important and there is room for improvement"
1. I reckon the 'communication ... room for improvement' might be a dig at the BOJ head
2. I often wonder what government workers do with their days, and if taxpayers are getting value for money. If Asakawa was watching for excessive volatility today then I think Japanese taxpayers can rest assured they have got their money's worth.
3. What an earth is a 'currency diplomat'? :-D
- Apparently his tasks include coordinating with other nations and the IMF as well as arranging currency interventions
Maybe getting him to make a few comments is hinting at 'intervention', or least to make as think Japan is considering this. Fat lot of good its done, though .
