Japan Facing Off against Speculators, Suzuki Says

Economy Politics

Tokyo, Oct. 24 (Jiji Press)--Japanese authorities are facing off against speculators on foreign exchange markets, Finance Minister Shunichi Suzuki said Monday.

"Excessive currency moves involving speculative trading are absolutely unacceptable," Suzuki told reporters.

He declined to comment on whether Japan intervened in markets. Media reports said Japan launched a covert intervention to support the yen late last week following its rapid decline.

Speaking to reporters separately, Vice Finance Minister for International Affairs Masato Kanda said, "It's unacceptable that excessive currency moves involving speculators will adversely affect people's livelihoods and the global economy."

Kanda said the Japanese government's policy for the time being is that it will not comment on intervention, regardless of whether or not it has been implemented. But he added that Japanese authorities "monitor currency rates around the clock and are ready to respond if necessary."

[Copyright The Jiji Press, Ltd.]

Jiji Press