Japan’s “Mr Yen” Kanda has no comment on whether Japan intervened in the FX market

Japan’s Finance Ministry’s Vice Finance Minister for International Affairs Kanda. He is the MoF official who will instruct the BOJ to intervene, when he judges it necessary. Often referred to as Japan’s ‘top currency diplomat’.

USD/JPY popped above 150 during US trade only to collapse as low as 147.30.

Kanda remarks:

  • No comment on whether Japan intervened in fx market
  • Looking at implied
    volatility, various factors when determining what is excessive move
  • One-sided, big moves
    would be considered excessive move
  • Our stance against
    excessive moves is unchanged
  • Won’t comment on
    whether yesterday’s move was excessive
  • Will take
    appropriate steps against excessive moves without ruling out any
  • We have only taken steps that have the understanding of US authorities

This article was written by Eamonn Sheridan at www.forexlive.com. Source