2023-10-03 23:19:00
Finance Minister Masato Kanda said on the 4th, in response to the yen’s sharp rebound once morest the dollar in overseas markets on the 3rd, “I will refrain from commenting on whether there will be any intervention.” He also held the market in check, saying, “We are responding to excessive fluctuations with the same policy as before.” he told reporters inside the Treasury.
He once once more pointed out that excessive fluctuations in exchange rates “continue to have a negative impact on the national economy, the economic activities of businesses and households, and are not desirable.” When asked on the 3rd whether the dollar/yen exchange rate was excessive, he declined to comment, saying, “I will refrain from commenting.”
He stressed that “we will respond appropriately to excessive fluctuations without excluding all options.” “I believe that we will get the understanding” of the U.S. authorities, he said. Regarding the exchange rate, which at one point exceeded 150 yen to the dollar, he said, “It is not a direct basis for judgment.”
As Finance Minister Kanda avoided making a statement on whether there would be any foreign exchange intervention, the yen has depreciated slightly and remains in the low 149 yen range.
In overseas markets on the 3rd, the yen fell to 150.16 yen, the lowest since October last year, following the release of the number of U.S. job openings for August, which shows that labor demand in the United States remains strong. The price then rose by regarding 2% in a few seconds, before rebounding sharply to 147.43 yen, leading to wild price movements, leading to speculation that the Japanese authorities had intervened to buy the yen.
The yen suddenly soared, hitting 150 yen for the first time since October last year, with some intervention observations.
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(Adds and updates remarks from Finance Minister Kanda)
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