Fujii Says Japan Will Act If Yen Moves in ‘Biased Direction’
Japanese Finance Minister Hirohisa Fujii said the government will intervene if the yen shifts in a “biased direction.”
“If currencies show some excessive moves in a biased direction, we will take action,” Fujii told reporters after meeting counterparts and central bankers from the Group of Seven in Istanbul today. He declined to comment on whether the yen is moving in such a way.
The yen rose to an eight-month high of 88.24 against the dollar this week after Fujii said he opposed currency intervention in principle, spurring speculation the government wouldn’t step into the foreign exchange market. The 77-year old minister later revised those comments, saying he wasn’t an advocate of a strong currency and that Japan was open to intervention should the currency market move “abnormally.”
Fujii today said his comments about the yen “have been a bit misunderstood.” The minister said he faced no criticism from other G-7 officials at today’s meeting.
original post @ Bloomberg