Japan to Act on Excessive FX Moves, No Intervention from May 30 to June 26

Japan's Chief Cabinet Secretary Hayashi stated that the government will take appropriate actions on excessive foreign exchange (FX) moves and emphasized the importance of stable currency movements reflecting economic fundamentals. Despite recent rapid FX moves, Japan did not intervene in the forex market from May 30 to June 26, with the intervention amounting to 0 yen, according to the Ministry of Finance (MOF). Finance Minister Suzuki reiterated that there is no change in the government's stance on foreign exchange and that they are closely monitoring FX moves with vigilance. Hayashi also noted that rising interest rates could pressure government finances.