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2024-05-26 03:19:58

AsiaOne on Nostr: Japan issues fresh warning on yen drops, signals readiness to intervene ========== ...

Japan issues fresh warning on yen drops, signals readiness to intervene
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Japan's top currency diplomat, Masato Kanda, issued a fresh warning on the chance of renewed exchange-rate intervention, stating that Japan stands ready to take appropriate action in the market "any time" to counter excessive moves in the yen. Kanda emphasized that under a flexible exchange-rate regime, intervention is not necessary if currency moves are stable, but if there are excessively volatile moves that have an adverse effect on the economy, action would be justified. Japan also expressed the need for vigilance against excessive volatility in the currency market driven by speculative moves at the G7 finance leaders' meeting. The yen has lost 11% against the dollar this year, causing concerns for Japanese policymakers as it hurts consumption by inflating the cost of raw material imports. Japan is suspected to have intervened in the currency market in April and May to prop up the yen, but the currency has yet to stage a clear rebound. Tokyo sees the 160-to-the-dollar level as a line in the sand for authorities that heightens the chance of yen-buying intervention. The G7 group of advanced nations share a common understanding that stable currency moves are desirable and that countries have authority to take action in the market when exchange-rate moves become too volatile.

#Japan #Yen #CurrencyIntervention #ExchangeRate #G7

https://www.asiaone.com/money/japan-issues-fresh-warning-yen-drops-signals-readiness-intervene
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