Japan’s Finance Ministry’s Vice Finance Minister for International Affairs Kanda. He is the MoF official who will instruct the BOJ to intervene, when he judges it necessary. Often referred to as Japan’s ‘top currency diplomat’.
USD/JPY popped above 150 during US trade only to collapse as low as 147.30.
Kanda remarks:
- No comment on whether Japan intervened in fx market
- Looking at implied
volatility, various factors when determining what is excessive move - One-sided, big moves
would be considered excessive move - Our stance against
excessive moves is unchanged - Won’t comment on
whether yesterday’s move was excessive - Will take
appropriate steps against excessive moves without ruling out any
options - We have only taken steps that have the understanding of US authorities
Masato Kanda