Japan top currency diplomat says will take appropriate action against excessive FX moves

• Speculative, rapid and abnormal FX moves have had bad impact on the economy
• Such moves are unacceptable
• No specific level in mind on an appropriate level for exchange rate
• Will only disclose if there was FX intervention at the end of May

They will only report it every four weeks, so the next round of data will not feature today’s flows. As such, we’ll have to wait until the end of next month when the BOJ/MOF releases it. USD/JPY is still trading down 1.5% on the day at 155.85, but at least off its earlier low of 154.51.

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