— Azumi: Excessive FX Moves Undesirable, Yen Rise Speculative
TOKYO (MNI) – Japanese Finance Minister Jun Azumi said on Friday
that he is closely watching developments in the foreign exchange market
and Tokyo will take action on one-sided yen buying.
“We are watching closely,” Azumi told a regular news briefing. “The
monetary authorities will closely monitor forex moves, with even more
sense of urgency, and will act in a timely and appropriate manner.”
“A rapid appreciation of the yen has been seen” in a short period
since late on Thursday, which was triggered by “speculators’ excessive
reaction” to weaker-than expected U.S. data, he said.
“I have repeatedly said that excessive moves in the currency market
are undesirable,” he added.
The yen and Japanese government bonds have been attracting
safe-haven buying amid heightened concern about the fate of the euro and
Europe’s financial system.
Azumi said he will closely watch the results of second round of
Greek elections planned in June and repeated that it is important that
Greece implement fiscal consolidation.
It would not be so easy for Greece to leave the euro, he said.
tokyo@marketnews.com
** MNI Tokyo Newsroom: 81-3-5403-4833 **
[TOPICS: M$A$$$,M$J$$$,MGJ$$$,M$$FX$]
