Japan finance minister Suzuki won’t comment on current FX moves

Suzuki saying the same things he always does:

• won’t comment on current FX moves
• government ready to respond appropriately to excessive FX moves
• closely watching FX moves with high sense of urgency
• won’t rule out any option, will deal appropriately with excessive FX moves
• closely communicated with US and South Korea in FX when he was in Washington
• reconfirmed commitment that excessive FX moves are undesirable

The international cooperation Suzuki refers to is well established, intervention can take place to address excessive moves. In the case of where we are at present, intervention would be a gift to dip buyers of USD/JPY.

I posted earlier on the fundamentals the Ministry of Finance is trying to fight:

• USD/JPY barely under 155, rate differential fundamental support – any MoF intervention?

But that’s all they are.

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