Japan’s Kanda: Excessive FX moves undesirable. Ready to take action if needed

Japan’s top currency diplomat Kanda is speaking and says:

• excessive FX moves undesirable so need monitoring.
• Told G7 that they must respond appropriately to excessive disorderly FX moves.
• Japan ready to take appropriate action if excessive moves in FX market
• won’t comment on recent Yen moves.
• I am always in close communication with overseas counterparts. Particularly with US
• if there is excessive FX volatility that has adverse impact on economy, intervention is necessary and justified
• Japan is ready to take action at any time if needed
• We are still working to issue G7 communiqué but hoping to include language on FX

The USDJPY is higher on the week, but stalled at a target area near 157.20. The current price is trading at 156.89. The low for the week was at 155.48 reached on Monday. The price remains above the rising 100 hour MA at 156.56. Staying above will keep the buyers in control.

This article was written by Greg Michalowski at www.forexlive.com.