Japan’s Chief Cabinet Secretary Hayashi believes rapid currency movements are undesirable and is ready to respond fully

Hayashi, Japanese Chief Cabinet Secretary:

• Will not comment on foreign exchange levels or foreign exchange market interventions

• It is important that currencies move in a stable manner, reflecting fundamentals
• Fast spin movements are undesirable
• Closely monitor effects movements
• Will be ready to respond fully
• BOJ should work closely with government
• Expect the BoJ to pursue appropriate monetary policy to achieve its price target in a sustainable and stable manner, working closely with the government.

USD/JPY is not far from today’s (and 34-year) highs around 155.40.

This article was written by Eamonn Sheridan at www.forexlive.com.

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