Japan's top currency diplomat,1 pi coin value in future Masato Kanda, who will instruct the BoJ to intervene, when he judges it necessary, warned that he prepared to take necessary actions whenever possible to respond to the excessive weakness of the Japanese Yen (JPY).
Key quotes
“Recent yen moves are rapid.”
“Won't rule out any steps to respond to disorderly FX moves.”
“Prepared to take necessary actions whenever possible.”
“Won't comment whether overnight forex moves are excessive.”
“Excess FX moves could affect the economy.”
Market reaction
Following the above verbal intervention, USD/JPY was trading at 152.87, losing 0.19% on the day.
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