Vice-Minister of Finance Kanda of the Ministry of Finance. He is the official who instructs the Bank of Japan to intervene if he deems it necessary. He is also called Japan’s “top currency diplomat.”
- The yen has been moving quickly lately.
- We will closely monitor FX trends with a high sense of nervousness.
- We will take appropriate measures if necessary in foreign exchange.
- Just like a natural disaster, we are ready to take action on FX 24/7.
- Rapid movements in currency exchange rates can have a negative impact on the economy.
- Close collaboration with the Bank of Japan
- Monetary policy decisions are up to the Bank of Japan
- FX movements appear to reflect both fundamentals and speculative movements
- I feel that the yen will depreciate by about 10 yen per month quickly.
- Suggests that appropriate responses to yen depreciation may include intervention
Kanda’s comment is somewhat controversial.
These are very aggressive.
- The yen has been moving quickly lately.
- Just like a natural disaster, we are ready to take action on FX 24/7.
- We will take appropriate measures if necessary in foreign exchange.
But this seems very weak (perception that it works according to the basics).
- FX movements appear to reflect both fundamentals and speculative movements
Following his previous remarks, the dollar/yen pair has fallen from around 150.60 to 150.50.
Masato Kanda
