Kanda in Japan: excessive exchange rate movements are undesirable. Ready to act if necessary

Japan’s top currency diplomat, Kanda, speaks and says:

• Excessive movements in currency effects are undesirable and therefore require monitoring.
• I told the G7 that they must respond appropriately to excessive disorderly foreign exchange movements.
• Japan ready to take appropriate measures in case of excessive movements in the foreign exchange market
• will not comment on recent movements in the yen.
• I am always in close communication with my foreign counterparts. Especially with the United States
• in the event of excessive foreign exchange volatility having a negative impact on the economy, intervention is necessary and justified
• Japan is ready to act at any time if necessary
• We are still working on publishing the G7 communiqué, but we hope to include language on foreign exchange.

USDJPY is higher for the week, but stalls in a target zone near 157.20. The current price is trading at 156.89. The week’s low was 155.48, reached on Monday. Price remains above the ascending 100 hour MA at 156.56. Staying on top will allow buyers to stay in control.

This article was written by Greg Michalowski at www.forexlive.com.

cnbctv18-forexlive