Japan’s Suzuki: Currency stability is vital, but quick movements are bad.

On Tuesday, Japan's finance minister, Shunichi Suzuki, repeated that "Forex market (FX) stability is vital and that accelerated moves are not favourable to the economy."

May 10, 2022 - 11:48 AM 268 views

Japan’s Suzuki: Currency stability is vital, but quick movements are bad.

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© Japan’s Suzuki: Currency stability is vital, but quick movements are bad.

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On Tuesday, Japan's finance minister, Shunichi Suzuki, repeated that "Forex market (FX) stability is vital and that accelerated moves are not favourable to the economy."

Key Quotes

·     We should respect the liberty of the Bank of Japan (BoJ) and we hope the BoJ guides monetary policy in the right direction.

·      We forecast the BOJ to drive monetary policy in the right direction to accomplish the 2% inflation goal.

·       A disparity in monetary policies between Japan and the USA will result in causing a gap in interest rates.

·       We are not allowed to comment on what levels we are ready to accept the weakness of the Japanese Yen currency.

·       No specific comments on the Forex market's (FX) range

·       For FX stability is vital and rapid movements are not favorable.

·       We are closely keeping an eye on the impact of forex (FX) moves on Japan’s financial activities and economy.

·      The Japanese government will acknowledge exchange rates at the appropriate time, while adhering to the G7 currency agreement and maintaining close contact with the United States and other authorities.

The Market Reaction

As Bitcoin reclaims the $30,000 level and provides some relief to the financial market, the USD/JPY is gaining pace alongside risk appetite.

Now, the USD/JPY pair is trading at 130.45, above 0.08% in a day.

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