Japan's top currency diplomat, Masato Kanda, who will instruct the BoJ to intervene, when he judges it necessary, said on Friday that the recent move of the Japanese Yen (JPY) is somewhat rapid and he will take appropriate measures on foreign exchange (FX) if needed.
Japan 'stop currency diplomat, Masato Kanda, who will instruct theBoJtointervene,when he judges it necessary, said onFriday thatthe recent move of the Japan ese Yen is somewhat rapid and he will take appropriate measures on foreign exchange if needed. Key quotes Recent yen moves are somewhat rapid. Will take appropriate action on forex if needed. Did not comment whether intervened FXmarket.
The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The current BoJ ultra-loose monetary policy, based on massive stimulus to the economy, has caused the Yen to depreciate against its main currency peers.
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