Japan’s Finance Minister Shunichi Suzuki said today that the government is closely watching the currency market’s developments with a “heightened sense of urgency.” His comments reverberate a growing concern amidst Japanese policymakers about the recent depreciation of Yen.
Suzuki emphasized that “appropriate action” would be taken to counter any excessive volatility, without ruling out any options. The finance minister stressed the government’s position that currency movements should remain stable and echo the economic fundamentals Additionally, he rejected the notion that the government has set specific intervention levels in mind.
This vigilance is echoed by Vice Minister of Finance for International Affairs, Masato Kanda, who warned on Wednesday that “all options are on the table” if such fluctuating trends persist, signaling a high readiness to intervene to maintain market stability.
Following the minister’s comments, USD/JPY spiked lower to 146.57, but it rapidly recuperated, reclaiming 147 handle shortly after. The current downturn from 147.88 is perceived as a short-term correction as of now. 55 4H EMA is furnishing support at present, with no overt signs pointing towards a trend reversal in the USD/JPY just yet.
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