Excess FX volatility and chaotic FX moves will harm the economy- Japan’s Suzuki

Earlier on this Tuesday, the Japanese Finance minister, Shunichi Suzuki, said, "Overabudance Forex market (FX) volatility and disorganised Forex market (FX) moves could have unfavourable impacts on the country’s economy and financial stability."

June 07, 2022 - 11:27 AM 271 views

Excess FX volatility and chaotic FX moves will harm the economy- Japan’s Suzuki

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© Excess FX volatility and chaotic FX moves will harm the economy- Japan’s Suzuki

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Earlier on this Tuesday, the Japanese Finance minister, Shunichi Suzuki, said, "Overabudance Forex market (FX) volatility and disorganised Forex market (FX) moves could have unfavourable impacts on the country’s economy and financial stability."

Key Quotes

No passing comments on Forex market (FX) movements.

Quick Yen currency movements are inappropriate.

Following the G7 currency accord, Japan's government will respond appropriately to exchange rates while maintaining close communication with us and other officials.

Currency movements should be stable and reflect economic fundamentals.

No comments are willing to pass on the Bank of Japan (BoJ) Governor Kuroda’s announcement that Japan’s households are becoming more accustomed to price increases.

The Market Reaction

As the USD/JPY regains its 20-year high of around 132.70 points, Japanese officials emphasise that their vocal intervention was futile.

 

 

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