The Japan News on Nostr: ASEAN Plus 3 Share Concerns About Excessive Exchange Rate Fluctuation; Seeking ...
ASEAN Plus 3 Share Concerns About Excessive Exchange Rate Fluctuation; Seeking Stability in Exchange Rate
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Japan, China, South Korea, and ASEAN expressed concerns about excessive exchange rate fluctuations caused by speculation amid the depreciation of their currencies against the USD. The ASEAN Plus Three group adopted a joint statement highlighting the risk of heightened foreign exchange market volatility. Finance Minister Shunichi Suzuki emphasized the importance of stable exchange rates and stated that excessive moves are undesirable. Concerns about inflation are increasing in Asian countries as their currencies weaken. The meeting also discussed expanding the Chiang Mai Initiative and creating a framework for responding to emergencies. The finance ministers of Japan and Pacific island nations agreed to cooperate on climate change. The yen has experienced significant fluctuations against the dollar, reaching its weakest level in about 34 years and then immediately soaring. Suzuki did not comment on the possibility of foreign exchange intervention but mentioned the need to 'smooth out' excessive moves. The Japanese government and the Bank of Japan refrained from intervening in foreign exchange markets. The article does not provide a specific publication date.
https://japannews.yomiuri.co.jp/business/economy/20240505-184220/
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Japan, China, South Korea, and ASEAN expressed concerns about excessive exchange rate fluctuations caused by speculation amid the depreciation of their currencies against the USD. The ASEAN Plus Three group adopted a joint statement highlighting the risk of heightened foreign exchange market volatility. Finance Minister Shunichi Suzuki emphasized the importance of stable exchange rates and stated that excessive moves are undesirable. Concerns about inflation are increasing in Asian countries as their currencies weaken. The meeting also discussed expanding the Chiang Mai Initiative and creating a framework for responding to emergencies. The finance ministers of Japan and Pacific island nations agreed to cooperate on climate change. The yen has experienced significant fluctuations against the dollar, reaching its weakest level in about 34 years and then immediately soaring. Suzuki did not comment on the possibility of foreign exchange intervention but mentioned the need to 'smooth out' excessive moves. The Japanese government and the Bank of Japan refrained from intervening in foreign exchange markets. The article does not provide a specific publication date.
https://japannews.yomiuri.co.jp/business/economy/20240505-184220/