Finance Minister Shunichi Suzuki said on the 20th of the US East Time (21st Japan time) that the international economy under Russia’s invasion of Ukraine was the main agenda for the G7 Finance Ministers and Central Bank Governors’ Meeting. “Foreign exchange is not the main agenda,” he said.
Regarding the recent sharp depreciation of the yen, he explained, “We will keep an eye on market trends with a high degree of tension.” Although there is no mention of foreign exchange in this statement, he said he has maintained the G7’s thinking.
The Bank of Japan’s governor, Haruhiko Kuroda, said, “It is desirable for the exchange rate to remain stable, reflecting economic and financial fundamentals.” Excessive fluctuations in the short term increase uncertainty about the future. , Concerned that it will be difficult to formulate a company’s business plan. He expressed his intention as the Bank of Japan to keep an eye on the impact of foreign exchange on the economy and prices.
He said at a press conference after the G20 Finance Ministers and Central Bank Governors’Meeting and the G7 Finance Ministers and Central Bank Governors’ Meeting held in Washington, DC.
Suzuki Finance Minister (April 20)
Photographer: Al Drago/Bloomberg
Other remarks by Finance Minister Suzuki
- Forex stability is important, sudden changes are not desirable
- Excessive fluctuations and chaotic movements can be detrimental
- Exchange rate is determined in the market
- Russia’s actions are absolutely unacceptable, blamed for the strongest words
- Sanctions raise war costs and pressure the international community on Russia
- Severely condemned Russia’s invasion of Ukraine without leaving the G20
- I didn’t feel the G20 lost its function and fell apart
Against the backdrop of the difference in direction between the Bank of Japan, which maintains a monetary easing stance, and each country that is moving to normalization, the yen has been depreciating in currencies other than the dollar. The dollar / yen exchange rate hit a new high every day for the first time in about 20 years, and on the 20th, the dollar was 129.40 yen.
(Add the remarks of President Kuroda)