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TOKYO - Japan likely won't seek to reverse the yen's downtrend with exchange-rate intervention as recent falls reflect economic fundamentals, former top currency diplomat Naoyuki Shinohara told Reuters.
The remarks contrast with those of incumbent top currency diplomat Masato Kanda, who said on Wednesday that steady yen falls over a protracted period could also warrant intervention. G7 and G20 major economies have a shared understanding that currency moves ought to reflect economic fundamentals, and that excess volatility was undesirable. Japan has used to justify this agreement to justify past forays into the currency market.
"The finance ministry ought to focus on responding to abrupt yen moves that are out of line with the broad trend," he said.
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