Many factors to consider if FX moves are 'excessive' -Japan Finance Minister

📆 06/10/2023 04:28:00
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Japanese Finance Minister Shunichi Suzuki said on Friday there were many factors to consider in determining whether moves in the foreign exchange market were 'excessive', adding that there were no changes in how the government would deal with them. Japanese authorities are focusing on the speed of currency fluctuations rather than targeting at any specific levels when they judge any need to intervene in the currency market to stem excessive volatility, analysts say. 'There's no change in the government stance,' Suzuki said, when asked about intervention and what defines an excessive move.

TOKYO - Japanese Finance Minister Shunichi Suzuki said on Friday there were many factors to consider in determining whether moves in the foreign exchange market were "excessive", adding that there were no changes in how the government would deal with them.

Investors often think excessive volatility can be measured over a period of one day or so. But Masato Kanda, Japan's top currency diplomat said this week any excessive moves can be measured as, say, a period since the start of this year, during which the yen weakened by around 20 yen to the dollar. The minister added that authorities should make a comprehensive judgment on what constitute excessive moves, taking various factors into account.

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