Japan's top currency diplomat Masato Kanda, who will instruct the BOJ to intervene, when he judges it necessary, warned that he will take appropriate steps to respond to the excessive weakness of the Japanese Yen without excluding any measures.
Key quotes
“Have been closely watching FX moves with a high sense of urgency.”
“Will take appropriate steps to respond to the excessive weakness of Yen without excluding any measures.”
“Yen’s current weakness is due to speculation, not reflecting fundamentals.”
“Current yen weakness does not reflect fundamentals.”
“Yen weakness based on speculative moves has a negative effect on the economy.”
“Yen weakness from speculative moves is not good under any circumstances.”
“Says he doesn't have a specific forex level in mind when asked about 'defense line’.”
“Will make a comprehensive decision looking more at whether there are excessive moves rather than levels.”
“Sudden forex moves are not desirable
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