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Reuters: Japanese authorities on stronger yen
As yen keeps appreciating versus its American counterpart and the markets are speculation on the potential intervention of Japanese monetary authorities, here are the key statements of the nation’s top officials as they are cited by Reuters.
Yoshihiko Noda, Finance Minister:
- “I am aware of various calls from the business sector and the severe situation Japanese companies face. We hope to take appropriate action with the cooperation of the Bank of Japan.”
- “We will take decisive action against excessive exchange rate volatility. I'd like to carefully examine how long we can leave current (exchange-rate) moves unattended.”
- “Movements have been one-sided. I think intervention has a certain effect temporarily. We should respond to excessive volatility and disorderly movements but it's not about (currеnсy) levels.”
Kaoru Yosano, Economics Minister:
- “The yen's rise is not driven by domestic factors but by changes in global money flows ... The changes are occurring for a limited time period until August 2 so I hope the yen's rise will prove temporary...”
- “The government could counter a strong yen mainly by extending financial support to subcontractors and other firms suffering from the yen's rise... We have never thought about manipulating currency levels.”
- “Friday's economic data overall indicates the economy remains on a recovery trend, although employment is in a severe condition.”
Conclusion: if yen’s slump accelerates the intervention will come but it may happen at lower levels and after August 2.