Japan's Kanda: Recent yen falls cannot be justified based on fundamentals

Japan's top currency diplomat Kanda said on Thursday that they are recently seeing speculative and one-sided rapid yen moves, as reported by Reuters.

Additional takeaways

"Recent yen falls cannot be justified based on fundamentals."

"Recent yen moves clearly described as excessive volatility."

"Won't rule out any step, ready to take action in fx market."

"Government and BoJ is extremely worried about recent yen moves."

"Hope BoJ to take appropriate policy based on its mandate."

"Coordinating closely with other nations including US."

"We are being able to communicate closely with other countries on fx moves."

Market reaction

USD/JPY showed no immediate reaction to these comments and was last seen rising 0.15% on a daily basis at 143.92.