Japan’s Suzuki: Yen stealth intervention aimed at maximising effects
|Japanese Finance Minister Shunichi Suzuki said on Tuesday, the country’s FX interventions have been stealth operations in order to maximize the effects of its forays into the market.
Additional comments
“Will continue diplomatic efforts with overseas authorities on exchange-rate policy.”
"There are times when we announce intervention right after we do it and there are times when we don't."
"We are doing this to maximize effects to smoothen sharp currency fluctuations."
"We cannot tolerate excessive currency moves by speculative trading.”
"We are closely watching currency market moves with a high sense of urgency and we'll respond appropriately to excessive fluctuations."
"Intervention had certain effects.”
“Further sharp yen weakening is unfavorable in current situation when inflation is an issue.”
On Monday, Suzuki said that Japan spent JPY6.3499 trillion ($42.7 billion) on currency intervention in October to prop up the yen.
Market reaction
At the press time, USD/JPY is bouncing off daily lows at 148.24, trading at 148.40, still down 0.20% on the day.
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