Japanese Finance Minister Shunichi Suzuki offered some verbal intervention on Friday.
Suzuki said that a weak Japan ese Yen could push up import prices and have a negative impact on consumers and firms. Suzuki added that he will closely watch foreign exchange moves with a high sense of urgency. Key quotes “Weak yen has pros and cons.” “Weak yen could push up import prices and have negative impact on consumers, firms.” “Rapid FX moves undesirable.” “Closely watching FX moves with a high sense of urgency.” “Desirable for FX to move stably reflecting fundamentals Disorderly FX moves.
How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. 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.
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