TOKYO :Japan's recent currency intervention was conducted to rectify market distortion caused by speculative currency moves, Finance Minister Shunichi Suzuki said on Thursday, signalling his readiness to intervene again if speculation persists.
"Currencies should be determined by markets and it's important for them to be stable. Sharp and one-sided moves are undesirable," Suzuki told reporters on the sidelines of the Asian Development Bank's annual meeting in Manila."This time, speculative moves in the market changed the way should be, so it was important to rectify such moves," Suzuki said, adding that sharp currency swings would cause trouble to businesses and households.
Earlier on Thursday, Suzuki held a bilateral talk with Sri Lankan President Ranil Wickremesinghe, who flew from Tokyo after attending a state funeral for former Prime Minister Shinzo Abe.