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Japan ready to take FX action again if speculation persist -Finance Minister

TOKYO :Japan’s recent currency intervention was conducted to rectify market distortion caused by speculative currency moves, Finance Minister Shunichi Suzuki said on Thursday, signalling his readiness to intervene again if speculation persists.

Last week Tokyo intervened in the foreign exchange market to prop up the yen for the first time in 24 years after the Japanese currency broke through a 24-year low beyond 145 yen to the dollar. The dollar was last trading at around 144.64 yen.

“Currencies should be determined by markets and it’s important for them to be stable. Sharp and one-sided moves are undesirable,” Suzuki told reporters on the sidelines of the Asian Development Bank’s annual meeting in Manila.

The issue of currencies was not on agenda at the ADB meeting, he added.

“This time, speculative moves in the market changed the way (currency moves) should be, so it was important to rectify such moves,” Suzuki said, adding that sharp currency swings would cause trouble to businesses and households.

“We remain fully vigilant against currency moves from now on as well, and will take necessary steps when necessary.”

Earlier on Thursday, Suzuki held a bilateral talk with Sri Lankan President Ranil Wickremesinghe, who flew from Tokyo after attending a state funeral for former Prime Minister Shinzo Abe.

Suzuki urged the president to proceed with reform based on a staff-level agreement with the International Monetary Fund (IMF) and provide sufficient information on debt.

“All creditors, including China and India, must participate in resolving debt issues. If such environment is prepared, Japan will be ready to play its role firmly,” he said.

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