Japan's top financial diplomat Masato Kanda said on Tuesday authorities were in close contact with U.S. Treasury Secretary Janet Yellen and other overseas officials 'almost every day' on currencies and broader financial markets.
Finance minister confirms Tokyo, Washington in close contactAuthorities look at speed, rather than level, of yen moves
"We are exchanging views with and communicating with authorities in other countries including our ally the United States not only on currencies, financial markets but various other issues," Kanda told reporters. Notably, Suzuki stopped short of escalating his verbal warnings by avoiding comments such as "deeply concerned about weak yen" or ready to take "decisive step" in the currency market - phrases he used previously just before last year's intervention.
They also consider it important to seek the support of Group of Seven partners, notably the United States if the action involves the dollar, for coordinated intervention which usually has a longer lasting impact than unilateral action.
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