Japanese Finance Minister Shunichi Suzuki offered some verbal intervention on Friday.
Suzuki said that the rapid foreign exchange moves are undesirable and he will monitor foreign exchange moves with a high sense of urgency. Key quotes “Monetary policy decision, including timing on interest rate changes are under BOD's jurisdiction.” “Rapid FX moves are undesirable.” “Closely watching FX moves with a high sense of urgency.” “Important for currencies to move in a stable manner reflecting fundamentals.
The bank’s policy is based on Quantitative and Qualitative Easing , or printing notes to buy assets such as government or corporate bonds to provide liquidity. In 2016, the bank doubled down on its strategy and further loosened policy by first introducing negative interest rates and then directly controlling the yield of its 10-year government bonds.
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