Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Many factors to consider if FX moves are 'excessive' -Japan Finance Minister

Published 10/06/2023, 12:22 AM
Updated 10/06/2023, 12:25 AM
© Reuters. FILE PHOTO: Japanese Finance Minister Shunichi Suzuki speaks during the presidency press conference at the G7 meeting of finance ministers and central bank governors, at Toki Messe in Niigata, Japan, Saturday, May 13, 2023.     Shuji Kajiyama/Pool via RE

TOKYO (Reuters) - Japanese Finance Minister Shunichi Suzuki said on Friday there were many factors to consider in determining whether moves in the foreign exchange market were "excessive", adding that there were no changes in how the government would deal with them.

Japanese authorities are focusing on the speed of currency fluctuations rather than targeting at any specific levels when they judge any need to intervene in the currency market to stem excessive volatility, analysts say.

Investors often think excessive volatility can be measured over a period of one day or so. But Masato Kanda, Japan's top currency diplomat said this week any excessive moves can be measured as, say, a period since the start of this year, during which the yen weakened by around 20 yen to the dollar.

"There's no change in the government stance," Suzuki said, when asked about intervention and what defines an excessive move.

The minister added that authorities should make a comprehensive judgment on what constitute excessive moves, taking various factors into account.

Suzuki also said the government would continue to make any intervention in stealth, meaning authorities would not make an announcement immediately when they intervene in the currency market.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.