Atsushi Mimura is Japan’s vice finance minister for international affairs, AKA ‘top currency diplomat’.
Japan’s finance ministry is the relevant authority in Japan for ordering intervention in the JPY. Mimura has taken over from Kanda in charge of the relevant department, so it’s him who would be directing Bank of Japan intervention, should it come to that.
- closely watching market moves with high sense of urgency
- ready to take appropriate actions for excess FX moves if necessary
Atsushi Mimura
Its going to be interesting to see how Japan deals with higher for longer rates in the US and a likely delay to Bank of Japan rate hikes sending USD/JPY higher.
The Japanese finance ministry made efforts to get US Treasury Secretary Yellen onside for co-ordinated intervention to support the yen, or at least for the threat of it. Yellen was not keen. I don’t know who the Treasury Secretary will be under the new Trump administration but I reckon he or she will be even less keen. I could be wrong though. Like I said, don’t even know who it’ll be yet!
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