Japan’s Top FX Diplomat Mimura: Intervention a necessary measure to counter speculation

Atsushi Mimura, Japan’s newly appointed Vice Finance Minister For International Affairs and top foreign exchange official, said in a Bloomberg interview Monday that “while the recent depreciation of the yen has both advantages and disadvantages, the demerits are becoming more noticeable.”

Additional comments

Intervention among the measures available to counter speculation that weighs excessively on the currency.

The impact of rising energy and food prices on consumers and importers among the drawbacks of the feeble Yen.

Intervention a necessary measure to counter speculation.

Market reaction

The Japanese Yen remains on the bids near 152.25 against the US Dollar, as of writing, up 0.32% on the day. The USD/JPY pair awaits the Bank of Japan (BoJ) interest rate decision due later this session.

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