Japan’s Suzuki: Weak yen has both merits and demerits

Japanese Finance Minister Shunichi Suzuki is on the wires now, via Reuters, reiterating his take on the recent depreciation of the yen.

Key quotes

Important for fx to move stably reflecting economic fundamentals.

Sharp currency moves are undesirable.

Concerned about recent sharp, one-sided yen weakening.

If sharp yen moves persist, we will take necessary action without ruling out any options.

Want to closely watch FX moves.

Weak yen has both merits and demerits.

We will compile economic measures as needed.

Market reaction

Despite the verbal intervention, the Japanese yen is keeping its pullback intact from session highs of 142.85 against the US dollar. The USD/JPY pair was last seen at 143.25, down 0.19% on the day.