Japan’s Top FX Diplomat Kanda: Will thoroughly respond to excessive forex moves

Japan’s top currency diplomat Masato Kanda said on Thursday that the government “will thoroughly respond to excessive forex moves.”

Additional quotes

There is no limit for forex intervention resources.

Forex market is determined by various factors including interest rate gap.

Forex intervention announced in end of may was quite effective in responding to excessive FX moves caused by speculators.

Market reaction

The above comments fail to inspire the Japanese Yen, as USD/JPY keeps pushing higher to trading 0.09% higher to near 158.25, as of writing.