Japan’s Suzuki and Kanda: No predetermined Yen levels for currency intervention
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Japanese Yen’s steep decline through 152 mark against Dollar overnight has put attention on potential currency intervention. However, responses from key officials today suggest a more measured approach is being considered at this point. In particular, Finance Minister Shunichi Suzuki acknowledged the mixed implications of a weakening Yen, with pros and cons. Its looks like Japan is not gearing up for direct intervention at the current level.
Suzuki highlighted the government is looking at the currency markets “with a high sense of urgency”. But he also emphasized that Japan is “not just looking at levels” such as 152 or 153, but also the underlying factors driving Yen’s depreciation.
Suzuki reiterated the government’s preference for currency stability, emphasizing that exchange rates should reflect economic fundamentals rather than short-term volatilities.
Masato Kanda, Japan’s top currency diplomat, echoed this sentiment by highlighting the recent pace of Yen’s movements as “rapid.” While not dismissing interventions, Kanda pointed out the absence of a fixed level that would trigger such actions. “I don’t have any particular level in mind,” he noted.
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