Japanese Finance Minister Shunichi Suzuki said on Friday that he will take action against excessive currency volatility when necessary and will consider the effectiveness of intervention.
Key quotes
Emphasizes importance of maintaining market trust in public finances.
Drop in Japan foreign reserves as of end-May partially reflect FX intervention.
Limit FX intervention use.
To address excessive currency volatility when necessary.
Refrains from commenting on intervention funds.
Proposes limiting tax rebate to this year.
To consider effectiveness of intervention.
No fund limit for FX intervention.
Market determines FX, reflecting fundamental.
Market reaction
At the time of writing, USD/JPY is trading 0.12% higher on the day to trade at 155.80.
