Japan's top currency diplomat Masato Kanda, who will instruct the BOJ to intervene, when he judges it necessary, has no comment on whether Japan intervened in the FX market
Key quotes
“No comment on whether Japan intervened in the FX market.”
“Looking at implied volatility, various factors when determining what is excessive move.”
“One-sided, big moves would be considered excessive move.”
“Our stance against excessive moves is unchanged.”
“Won't comment on whether yesterday's move was excessive.”
“Will take appropriate steps against excessive moves without ruling out any options.”
“We have only taken steps that have the understanding of US authorities.”
Market reaction
The Japanese Yen strengthened sharply against the US Dollar and then reversed its course on Tuesday. At the time of writing, USD/JPY is trading at 149.11, gaining 0.07% on the day.
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