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Japan Finance Minister Suzuki dodges question of possible FX intervention

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TOKYO : Japanese Finance Minister Shunichi Suzuki on Friday refrained from commenting on the possibility of government intervention in the foreign exchange market, while maintaining his warning against any rapid fluctuations. 'I won't comment on currency levels, including the question (of intervention) to

TOKYO : Japanese Finance Minister Shunichi Suzuki on Friday refrained from commenting on the possibility of government intervention in the foreign exchange market, while maintaining his warning against any rapid fluctuations.

"What's most important is currency stability as rapid fluctuations are not desirable," Suzuki told a news conference."We will continue to carefully watch currency market movements and their impact on Japan's economy with a sense of urgency." Japanese currency authorities were likely left in a bind over the yen's weakening, said Daisaku Ueno, chief forex strategist at Mitsubishi UFJ Morgan Stanley Securities.

Japan in theory could take unilateral action by intervening, while giving U.S. authorities advanced notice of such a move, Ueno added.

 

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