Comments out of the Japanese Ministry of Finance from the official in charge of JPY intervention, Kanda.
- Won't comment on whether we intervened in the FX market
- No change in stance that we are ready to take necessary action 24-7
- Will continue to take appropriate action against excessive, disorderly market moves
- Demerits far outweigh the advantages for excessive yen weakness
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The yen has been very weak for many, many months. Driven by divergent BOJ-Fed policy and also by deteriorating terms of trade for Japan (weak yen, high energy prices are a bit of a doom loop for it).
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USD/JPY is already on the up this morning:
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Kanda is the head currency official at Japan's Ministry of Finance.
In Japan it is he who will instruct the Bank of Japan to intervene when he deems necessary.
