Japan finance minister Suzuki says will take action against excessive FX moves

Japan finance minister Suzuki

• Need to maintain market faith in Japan’s fiscal policy amid shift to
  interest rates in positive territory
• Drop in japan
  foreign reserves as of end-May partially reflect fx intervention
• Will take action
  against excessive forex moves
• Forex intervention
  was conducted to address excessive moves
• Forex intervention
  should be done in restrained manner
• Not taking into account limit to reserves for FX intervention
• Intervention should be done while taking into account necessity and effectiveness

USD/JPY is popping a little:

On Japan’s reserves:

• At the end of May were USD1.23tln vs. USD1.28 tln at the end of April

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