Japan's top currency diplomat, Masato Kanda, who will instruct the BoJ to intervene, when he judges it necessary, said on Tuesday that the Japanese government may take the necessary steps to deal with excessive market volatility, but declined to comment on US Treasury Secretary Janet Yellen's views on currency policy, per Reuters.
Japan 'stop currency diplomat, Masato Kanda, who will instruct theBoJtointervene,when he judges it necessary, said on Tuesday that the Japan ese government may take thenecessary stepsto deal with excessive marketvolatility,but declined to comment on US Treasury Secretary JanetYellen'sviews on currency policy, per Reuters. Key quotes “No comment on Yellen's comments on FX.” “Important for currencies to move in a stable manner reflecting fundamentals.
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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