TOKYO -Sharp one-sided currency moves cannot be tolerated, Japan’s top finance diplomat Masato Kanda told Reuters, reaffirming Tokyo’s determination to intervene in the foreign exchange market to curb any speculative or significant yen moves.
“Sharp, one-sided moves as seen last year are not desirable or cannot be tolerated from the viewpoints of the people’s livelihood and corporate activity,” Kanda said on Wednesday, referring to Japan’s first yen-buying intervention in 24 years last year.Kanda oversaw Japan’s currency intervention conducted last year to prop up the yen after it fell around 30 percent to 32-year lows near 152 to the dollar. The yen has rebounded since then and it is now trading around 130 to the dollar.
“There’s no change to this thinking from now on as well,” Kanda, who is vice finance minister for international affairs, said in an interview, when asked whether sharp yen rises warrant action.
Source: News Formal (newsformal.com)
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