Japan top currency diplomat says discussed big moves in markets with BOJ and FSA

• Offers no comment on market moves though
• Government will work closely with BOJ
• Shares view that Japan economy is making a moderate recovery
• Closely watching FX moves, discussed it during meeting
• Important for FX to move in stable manner, reflecting fundamentals

He adds that they held the meeting today as there were big moves in the stock market. That’s rather quintessential of them to ignore what was at one point yesterday a 2,000 pips move lower in USD/JPY over the past month. The meeting here is a symbolic one, meant to usher in some calm by perceiving that authorities are working to stay on top of things.

This article was written by Justin Low at www.forexlive.com.