Japan chief cabinet secretary: Won’t rule out any steps to respond to excessive FX move

Japan chief cabinet secretary Hayashi:

• Won’t comment on forex levels, currency intervention
• Important for
  currencies to move in stable manner reflecting fundamentals
• Excessive fx
  volatility undesirable
• Closely watching fx
  moves with high sense of urgency
• Won’t rule out any
  steps to respond to excessive fx moves

Hayashi is the last of the three amigos to respond to the sharply weaker yen today:

• More from Japan finance minister Suzuki : Forex levels are basically determined by markets
• Japan finance minister Suzuki trying to talk up the yen now – verbal intervention
• Japan’s Kanda says prepared to necessary steps on rapid yen fall

USD/JPY is down from highs hit during late NY trade:

This article was written by Eamonn Sheridan at www.forexlive.com.