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Told G7 watching fx moves with sense of urgency

Uncomfortable with the sharp devaluation of the yen, Japanese Finance Minister Shunichi Suzuki told G7 that they are watching fx moves with a sense of urgency.

Suzuki said that he “explained to G7 recent rather rapid moves in the yen.”

Japan “did not walk out of G20 meeting and condemned Russia with harsh words,” he added.

Additional comments

No comment on FX levels.

Rapid FX moves undesirable.

FX stability is important.

Previous G7 agreement on FX is maintained.

Believe G7 understanding on forex, such as that markets determine FX rates and disorderly FX moves could adversely affect economy, remains intact.

Market reaction

The verbal intervention is of little help to the yen, as USD/JPY keeps pushing higher towards 129.00.

The pair is now trading at 128.61, up 0.56% on a daily basis.

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