Japan’s Suzuki: Excess FX volatility, disorderly FX movements to have adverse effect on economy

Japanese Finance Minister Shunichi Suzuki said earlier this Tuesday, “excess FX  volatility and disorderly fx movements could have an adverse effect on the economy, financial stability.

Additional quotes

No comment on fx levels.

Rapid yen moves inappropriate.

Japan's govt will respond appropriately to exchange rate following G7 agreement on currencies while keeping close communication with us, other authorities.

Desirable for currencies to move stably reflecting economic fundamentals.

No comment on Bank of Japan Governor Kuroda's remark that households are becoming accepting of price hikes.

Market reaction

Amidst the continued slump in the yen, the Japanese authorities are stepping up their verbal intervention but to no avail, as USD/JPY refreshes 20-year highs near 132.70.