Japan tells G20 it may need to act in FX market

📆 2023-10-14 오전 5:15:00
📰 Reuters

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Japanese Finance Minister Shunichi Suzuki said on Friday he told his G20 counterparts that Tokyo may need to take 'appropriate action' in the exchange-rate market as global monetary tightening could heighten volatility in currency moves.

Japanese Finance Minister Shunichi Suzuki arrives for a news conference during the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 13, 2023. REUTERS/Susana Vera/File PhotoFinance minister repeats view excess FX volatility undesirableBOJ chief says no big change to view on global economic outlook

"I told the G20 meeting we need to be mindful of the risk that market volatility could heighten, including in the currency market, as monetary tightening continues globally," Suzuki told a news conference after attending a meeting of Group of 20 finance ministers and central bank governors. The dollar fetched 149.53 yen on Friday, not far from the 150 mark seen by traders as Tokyo's line-in-the-sand for currency intervention.

A weak yen boosts Japanese exports, but also pushes up the cost of importing fuel and raw materials, giving Tokyo policy makers a headache. Japan last intervened in the currency market to prop up the yen in September and October last year.

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