Japan fin min Kato with verbal intervention on yen
No comment on FX levelsRecently seeing one-sided, sharp movesImportant for currencies to move in a stable manner reflecting fundamentalsWill take appropriate action against excessive movesConcerned about recent FX moves, including those driven by speculation
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Kato seems to have taken advice that saying hot words like:
one-sided, sharp moves,speculation
will encourage market participants to take his threats more seriously. Unfortunately he says them a lot, prompting a ‘boy who cried wolf’ response. No one cares too much.
USD/JPY is around 157.85 or so, barely off its session high.
This article was written by Eamonn Sheridan at www.forexlive.com.
