By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
6
Notification Show More
Videos
Stocks drop and oil surges following Israel’s attack on Iran, black box found from Air India crash
21 hours ago
Videos
We Went To Canada To See The U.S. Product Boycotts — And What We Found Was Striking
21 hours ago
Videos
Stocks fall on Middle East tensions, Tesla registrations drop, Trump prepares for G7 summit
2 days ago
Videos
Why Americans Keep Moving Into Gated Communities
2 days ago
Videos
Stocks close in the red, tariff, trade policies, and the impact on markets AI toys
3 days ago
Videos
Why U.S. businesses are jumping on the Dubai chocolate craze
3 days ago
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Markets > Forex > Japan’s Suzuki: Not targeting absolute levels on FX intervention
Forex

Japan’s Suzuki: Not targeting absolute levels on FX intervention

News Room
Last updated: 2023/08/15 at 11:27 AM
By News Room
Share
3 Min Read
SHARE

By Tetsushi Kajimoto

TOKYO (Reuters) -Japanese Finance Minister Shunichi Suzuki said on Tuesday that authorities are not targeting absolute currency levels when it comes to intervening in the market.

Suzuki made the remark at a news conference when asked about the government’s stance on intervention, as the dollar broke above the 145 yen threshold, a level that in September 2022 triggered Japan’s first yen-buying operation since 1998.

“It’s important for the currency market to move stably reflecting fundamentals. Excessive volatility is undesirable. That’s our basic stance,” Suzuki said. “We’re watching market moves with a strong sense of urgency. We’ll respond appropriately to excessive moves.”

When asked whether 145 yen is considered a trigger point for intervention, Suzuki said: “We don’t intend to have any absolute number, or defend that when it is breached.”

Japan will assess whether moves are speculative, volatile or based on fundamentals, rather than focusing on absolute levels, Suzuki added.

“If there are speculative moves, corporate future management plans or households will be affected, then we will take necessary action.”

It is rare for Japanese authorities to support the currency because they tend to worry that excessive yen strength, rather than weakness, would deal a blow to all-important exports and push Japanese manufacturers overseas.

The last time Japan intervened by selling yen was in 2011, when the country was grappling with a spike in the currency, to avoid sliding deeper into deflation in the face of the U.S. Federal Reserve’s quantitative easing.

This time, Japan is facing the risk of the yen weakening as aggressive tightening by major central banks make the Bank of Japan an outlier as it sticks to its easing policy.

Japan’s top forex diplomat Masato Kanda said later on Tuesday that he would take appropriate steps against excessive currency moves, according to the Jiji news agency.

Kanda, the vice minister of finance for international affairs who supervised the country’s currency interventions late last year, said he was monitoring the market “with a high sense of urgency”, Jiji said.

Read the full article here

News Room August 15, 2023 August 15, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Stocks drop and oil surges following Israel’s attack on Iran, black box found from Air India crash

Watch full video on YouTube

We Went To Canada To See The U.S. Product Boycotts — And What We Found Was Striking

Watch full video on YouTube

Stocks fall on Middle East tensions, Tesla registrations drop, Trump prepares for G7 summit

Watch full video on YouTube

Why Americans Keep Moving Into Gated Communities

Watch full video on YouTube

Stocks close in the red, tariff, trade policies, and the impact on markets AI toys

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

Forex

Thailand’s weakening baht not all bad for economy – PM

By News Room
Forex

Sterling hits multi-month low, Fed holds rates steady amid inflation concerns

By News Room
Forex

Dollar index on verge of forming bullish ‘golden cross’ – BofA

By News Room
Forex

Japan warns against post-Fed yen slide

By News Room
Forex

Asian currencies stumble amid rising U.S. dollar and hawkish Federal Reserve stance

By News Room
Forex

Asian currencies under pressure due to Federal Reserve’s stance, says HSBC

By News Room
Forex

Dollar rallies, yen under pressure ahead of BOJ rate decision

By News Room
Forex

Gambia’s dalasi remains Africa’s strongest currency amid tourism and remittance inflows

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?