Japan chief cabinet secretary Hayashi says important for FX to more in stable manner

Japan chief cabinet secretary Hayashi:

• Japan appoints former top fx diplomat Masato Kanda to special advisor
  to cabinet
• Kanda tasked to
  advise Japan PM Kishida on international financial trends

Hayashi adds:

• Won’t comment on
  forex levels
• Important for
  currencies to move in stable manner reflecting fundamentals
• Closely watching fx
  moves thoroughly

Meanwhile USD/JPY is around 149.20, after having dipped to around 148.50.

The wild swings in USD/JPY would, in a rational world, prompt the Bank of Japan to step in and buy it. But, Japan’s Ministry of Finance and BOJ want stable FX only when the yen is cratering;-)

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