Japan’s Suzuki: Watching impact of yen falls with a sense of urgency

Japanese Finance Minister Shunichi Suzuki reiterates that his government “will closely watch the impact of recent yen falls on Japan's economy and price with a sense of urgency.”

Additional quotes

FX stability important.

Rapid moves undesirable.

No comment on FX levels.

No truth to reports to Japan / US joint FX intervention.

Separately, Japanese former Deputy Finance Minister Hiroshi Watanabe said that he doesn't believe the government intends to intervene in the forex market right now while speaking in a Bloomberg interview.

Market reaction

USD/JPY is holding the lower ground just below 127.50, losing 0.50% on the day. The broad US dollar retreat combined with a cautious market mood is aiding the downside in the spot.