Japan’s Top FX Diplomat Kanda: Won't rule out any steps to respond to disorderly FX moves

Following the tri-party meeting between the Bank of Japan, Ministry of Finance (MoF) and Financial Services Agency (FSA) on Wednesday, Japan’s top currency diplomat Masato Kanda said that he “won't rule out any steps to respond to disorderly FX moves.”

Additional comments

Recent Yen moves are not reflecting fundamentals

Speculative moves behind recent Yen moves.

Closely watching FX moves with a high sense of urgency.

I don't consider a 4% move in a span of 2 weeks a mild move.

Market reaction

USD/JPY is rebounding toward 151.50 after Kanda’s comments, still down 0.13% on the day.