Japan's Forex Interventions "Having Certain Effect": Finance Chief
Newsfrom JapanEconomy Politics
Tokyo, Nov. 1 (Jiji Press)--Japanese Finance Minister Shunichi Suzuki said Tuesday that he thinks the country's recent yen-buying foreign exchange market interventions to stem the Japanese currency's rapid depreciation had "a certain effect."
In October, Japanese authorities conducted "stealth" intervention, in which they do not immediately confirm whether they have stepped into the market or not.
On the reason for not announcing market intervention right after the action, Suzuki, at a press conference held after the day's cabinet meeting, cited a need to "maximize its effect in reducing rapid (exchange rate) fluctuations."
"We are ready to take appropriate actions against excess volatility," he added.
According to Finance Ministry data released Monday, Japan bought a record 6,349.9 billion yen in market intervention in the month from Sept. 29 to last Thursday. The previous record high was 2,838.2 billion yen marked just in the preceding month.
[Copyright The Jiji Press, Ltd.]