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Japan's Kanda: Excessive FX volatility has negative impact on economy

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Japan's top currency diplomat, Masato Kanda, who will instruct the BoJ to intervene, when he judges it necessary, said on Friday that foreign exchange (FX) volatility has negative effects on the Japanese economy.

Japan'stop currency diplomat, Masato Kanda, who will instruct theBoJtointervene,when he judges it necessary, said onFriday that foreign exchange volatility has negative effects on the Japanese economy. Key quotes Says told G20 that excessive FX volatility has negative impact on the economy. Saw the rising possibility of a soft landing. To closely monitor the economy and implement necessary measures. Market reaction At the time ofwriting,USD/JPYwas trading at 153.61, down 0.22% on the day.

The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The current BoJ ultra-loose monetary policy, based on massive stimulus to the economy, has caused the Yen to depreciate against its main currency peers.

 

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