Japanese Finance Minister, Top Currency Official Pledge Intervention Over Weakening Yen
Japanese officials have expressed concerns over the weakening yen, with the Finance Minister stating there is no specific 'defensive line' for intervention. The Finance Minister and the top currency official have both pledged to act if necessary to prevent excessive swings in the exchange rate, attributing recent yen weakness to speculative moves. The Bank of Japan's efforts to support the currency have had limited success despite rate hikes and exiting yield curve control.
Sources
Bloomberg Economics
Japan’s top currency official says recent yen weakness is odd and out of line with current economic fundamentals, reaffirming his commitment to act if needed to prevent excessive swings in the exchange rate https://t.co/39amxLoIIm
Gold Telegraph ⚡ Japan has now signalled that officials are on standby to intervene in the market to address the yen. Gold is at record highs in Japan. The Bank of Japan has distorted its capital markets, and the world will feel the effects.
Kathleen Hays Still jawboning Japan FX Chief Calls Yen’s Slump Unusual, Vows to Act if Needed https://t.co/tj5iXrWUr7
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