Japan’s Finance Ministry’s Vice Finance Minister for International Affairs Kanda. He is the official who will instruct the BOJ to intervene, when he judges it necessary. Often referred to as Japan’s ‘top currency diplomat’.
- No comment on Yellen’s comments on FX
- Important for currencies to move in a stable manner reflecting fundamentals
- If there is excessive volatility in the FX market the government must take appropriate steps
- Won’t comment on FX levels
If you need background on the Yellen comments, it all began on Friday last week when we got clear signs that all is not well with co-ordinated intervention:
Yellen confirmed this over the weekend:
Which sent yen down the tubes again:
This is quite a show.
This article was written by Eamonn Sheridan at www.forexlive.com. Source