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The dollar was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year, while the yen eased towards the 155 per dollar level and kept intervention risks from Tokyo high. The dollar was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year, while the yen eased towards the 155 per dollar level and kept intervention risks from Tokyo high. Analysts have said that any intervention from Tokyo would only serve as a temporary respite for the yen, given stark interest rate differentials between the U.S. and Japan remain. Analysts expect the central bank to leave the door open to lower interest rates as early as June. The Australian dollar fell 0.2% to $0.6585, pressured in part by a less hawkish outlook from the Reserve Bank of Australia than anticipated after it held interest rates steady on Tuesday.

Persons: Kazuo Ueda, Shunichi Suzuki, they'll, Carol Kong, Neel Kashkari, Kashkari, Rodrigo Catril Organizations: Federal, U.S, Bank of Japan, country's Finance, Commonwealth Bank of Australia, New Zealand, greenback, Minneapolis, Minneapolis Fed, National Australia Bank, Bank of, Reserve Bank of Australia Locations: Tokyo, Beijing, Japan, Bank, U.S, Minneapolis

☆ Currencies calm but cautious after a weary week
▼ + stars: | 2024-04-22 | by ( ) www.cnbc.com time to read: +3 min

U.S. one hundred dollar bills are being shown in this picture illustration taken in Buenos Aires, Argentina, on Dec. 15, 2023. Eyes are on the yen this week, with the Bank of Japan's, or BOJ, Friday policy review the notable item on the economic calendar. The yen has been one of the biggest losers against the dollar this year, with losses mounting to 9%. The ECB's Robert Holzmann, however, said the ECB probably will not cut rates this year as much as planned if the Fed does not move. BoE Governor Andrew Bailey and Deputy Governor Dave Ramsden alluded last week to Britain's inflation slowing as expected.

Persons: Chris Weston, Weston, Kazuo Ueda, BoE, ECB policymaker Madis Muller, Christine Lagarde, Robert Holzmann, BoE Governor Andrew Bailey, Dave Ramsden, Sterling, Bitcoin Organizations: U.S ., Bank of Japan's, Federal Reserve, Monetary Fund, Bank, Washington , Bank of Japan, European Central Bank, Bank of England, ECB policymaker, ECB, Treasury Locations: Buenos Aires, Argentina, East, Tehran, Iran, Washington, United States, Japan, South Korea, Washington ,, U.S

☆ Aussie, New Zealand dollars tumble on risk-off moves; yen rises
▼ + stars: | 2024-04-19 | by ( ) www.cnbc.com time to read: +4 min

The risk-sensitive Australian dollar tumbled 0.8% to $0.6370, and the New Zealand dollar fell 0.63% to $0.5864. ABC News reported late on Thursday that Israeli missiles have hit a site in Iran, citing a U.S. official. The shift in rate expectations has come on the back of a slew of resilient U.S. economic data that has repeatedly surpassed expectations, alongside still-sticky inflationary pressures. "Although policy easing may arrive a bit later than previously expected, we still believe the FOMC will start cutting rates before the year is out," said economists at Wells Fargo. Against a basket of currencies, the greenback rose 0.1% to 106.28, hovering near a more than five-month high of 106.51.

Persons: Carol Kong, I'm, Kazuo Ueda, it'll, CBA's, Jerome Powell Organizations: New, Hamas, U.S ., U.S, New Zealand, ABC News, Commonwealth Bank of Australia, Bank of Japan, European Central Bank, ECB Locations: New Zealand, Iran, United States, Japan, South Korea, U.S, CBA's Kong, Wells Fargo

☆ Dollar firms, yen skids as Fed cut wagers crumble
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: +4 min

U.S. one hundred dollar bills are being shown in this picture illustration taken in Buenos Aires, Argentina, on Dec. 15, 2023. Japan intervened in the currency market three times in 2022 as the yen slid toward what was then a 32-year low of 152 to the dollar. The Japanese central bank last month ended eight years of negative interest rates but yen has remained rooted near 151 per dollar levels since then. The euro was last at $1.0744, having dropped 1% on Wednesday ahead of the European Central Bank, or ECB, meeting later in the day. The Australian dollar was little changed at $0.651, while the New Zealand dollar eased 0.17% to $0.598.

Persons: Masato Kanda, Kyle Rodda, Rodda, Kazuo Ueda, Kevin Cummins, Sterling Organizations: Fed, Reuters, Bank of, Bank of Japan, Federal Reserve, U.S, NatWest, Treasury, European Central Bank, ECB, New Zealand Locations: Buenos Aires, Argentina, Tokyo, Japan, Bank of Japan, U.S

☆ Dollar firm, yen under watch ahead of key US CPI release
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: +3 min

The Japanese yen and U.S. dollar on display in Yichang, Hubei province, Nov 13, 2023. The inflation data follows a strong jobs report last Friday that blew past forecasts, raising questions on how soon and how much the central bank will cut rates this year. On the yen, Wednesday's CPI data will be "a big test for Japanese authorities," Kong added. The U.S. dollar index , which measures the greenback against six rivals, held firm at 104.12. The kiwi climbed as high as $0.6077 versus the U.S. dollar, its strongest since March 21, before flattening at $0.60595.

Persons: Carol Kong, Kong, Kazuo Ueda, Sterling, bitcoin Organizations: U.S, Reserve Bank of New, Commonwealth Bank of Australia, Bank of Japan, Reserve Bank of New Zealand, U.S ., Treasury, Traders, European Central Bank, ECB Locations: Yichang, Hubei province, Reserve Bank of New Zealand, U.S, China

☆ Dollar steady ahead of jobs data; yen hits two-week high
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: +3 min

The yen, while still close to the 152 range, hit a two-week high against the greenback as safe-haven bids and fresh warnings from Japanese authorities buoyed the currency. The dollar has had a turbulent week, falling from a five-month high to a two-week low after an unexpected slowdown in U.S. services growth supported expectations of bringing interest rates down. The dollar index , which measures the greenback against a basket of major currencies, was last largely unchanged at 104.18. Japanese Finance Minister Shunichi Suzuki on Friday reiterated the government's resolve to take appropriate action against sharp yen falls. The yen strengthened 0.29% versus the greenback to a two-week high of 150.92.

Persons: payrolls, Neel Kashkari, Jerome Powell, Charu Chanana, Joe Biden, Matt Simpson, Shunichi Suzuki, Kazuo Ueda, bitcoin Organizations: U.S, The U.S, greenback, Minneapolis Federal, Saxo, Biden, Finance, Bank of Japan, Asahi Locations: The, Minneapolis, Gaza, Iran

TOKYO (AP) — Japan’s central bank raised its benchmark interest rate Tuesday for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy. The negative interest rate policy, combined with other measures to inject money into the economy and keep borrowing costs low, “have fulfilled their roles,” Bank of Japan Gov. But it had remained cautious about “normalizing” monetary policy, or ending negative borrowing rates, even after data showed inflation at about that rate in recent months. Ueda said there was “a positive cycle” of a gradual rise of wages and prices, while stressing that monetary policy will remain easy for some time. The Japanese central bank's policy is quite different from those of the U.S. Federal Reserve and the European Central Bank.

Persons: “, Kazuo Ueda, Ueda, Harumi Taguchi, Haruhiko Kuroda, ___ Yuri Kageyama Organizations: TOKYO, ” Bank of Japan Gov, Bank of, Analysts, P Global Market Intelligence, U.S . Federal Reserve, European Central Bank, Bank of Japan Locations: Japan, Bank of Japan, U.S, China

(Photo by Kazuhiro NOGI / AFP) (Photo by KAZUHIRO NOGI/AFP via Getty Images)At Japan's highly anticipated "shunto" spring wage negotiations this year, the world's largest automaker Toyota agreed to the biggest annual pay increase for workers in 25 years. Market speculation reached fever pitch this week as various corporate giants announced robust negotiated salary increments that in some instances exceeded what unions petitioned for. Bank of Japan Governor Kazuo Ueda has repeatedly said the outcome of this year's wage negotiations will influence the central bank's decision on when to exit the world's last negative interest rate policy. Japan's largest trade union grouping, known as Rengo, will announce the first collation of ongoing wage negotiations on Friday. Here's what you need to know about this year's spring wage talks, which takes place annually in March.

Persons: Kazuhiro NOGI, KAZUHIRO NOGI, Kazuo Ueda Organizations: Bank of Japan, The Bank of Japan, Getty, Toyota Locations: Tokyo, AFP

☆ Japan averts technical recession as revised fourth-quarter data shows economy grew 0.4%
▼ + stars: | 2024-03-11 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +1 min

Japan averted a technical recession as revised official data on Monday showed the economy returned to growth in the the October-December period last year. Japan's gross domestic product expanded 0.4% in the fourth quarter compared with a year earlier. Provisional data last month had showed GDP contracting 0.4%. The Japanese economy also expanded 0.1% in the fourth quarter from the previous three months, compared with the provisional data that showed a 0.1% contraction. The economy had shrunk 0.8% in the third quarter from the previous three months.

Persons: Kazuo Ueda Organizations: Provisional, Bank of Japan, Ministry of Finance, Reuters, Bank of Locations: Japan, Bank of Japan

☆ Dollar reigns supreme as hot CPI cools bets for Fed cuts
▼ + stars: | 2024-02-14 | by ( ) www.cnbc.com time to read: +3 min

In this photo illustration, the man is holding several U.S. dollar bills with some Chinese yuan in the background. The dollar traded near three-month highs to major peers on Wednesday as traders pushed back bets for a first Federal Reserve interest rate cut following surprisingly hot U.S. inflation figures overnight. The dollar has added about 10 yen in price since the start of this year. The euro was steady at $1.0710, after dipping to a three-month low of $1.07005 overnight. The Australian dollar languished near a three-month low of $0.6443 reached overnight, last trading at $0.64545.

Persons: James Kniveton, Kazuo Ueda, Kniveton, Masato Kanda, cryptocurrency bitcoin, bitcoin, Craig Erlam Organizations: Fed, Traders, Bank of Japan, Treasury, Bank of England, Australian, U.S, CPI, OANDA Locations: U.S

☆ Bank of Japan expectedly retains its ultra-loose policy, cuts core inflation estimate
▼ + stars: | 2024-01-23 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Bank of Japan governor Kazuo Ueda gestures as he speaks during a press conference following a monetary policy meeting at the Bank of Japan's headquarters in Tokyo on July 28, 2023. The Bank of Japan on July 28 eased its grip on its ultra-loose monetary policy in a small step towards normalisation as inflation accelerates and the yen comes under pressure against other major currencies. (Photo by JIJI Press / AFP) / Japan OUT (Photo by STR/JIJI Press/AFP via Getty Images)The Bank of Japan expectedly retained its ultra-loose monetary policy at its first meeting this year, while cutting its core inflation forecast for the next fiscal year. All the economists surveyed by Reuters expected the Japanese central bank to maintain its negative rate policy this month — making the BOJ the world's only central bank with negative rates. The central bank also marginally increased the core CPI inflation estimate for fiscal 2025 to 1.8% from 1.7% forecast earlier.

Persons: Kazuo Ueda, Bank of Japan expectedly, BOJ Organizations: Japan, Bank of Japan's, The Bank of Japan, JIJI Press, Getty, Bank of Japan, Reuters Locations: Tokyo, AFP, Japan

☆ BOJ's Ueda: Cannot say with conviction inflation will hit 2% target sustainably
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: 1 min

Bank of Japan (BOJ) Governor Kazuo Ueda attends a news conference after their policy meeting at BOJ headquarters in Tokyo, Japan April 28, 2023. REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Nov 27 (Reuters) - Bank of Japan Governor Kazuo Ueda said on Monday the central bank cannot say yet with conviction that inflation will sustainably and stably achieve its 2% inflation target. "We're seeing some positive signs in wages and inflation. But there's high uncertainty on whether this cycle will strengthen," Ueda told parliament. Reporting by Leika Kihara; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Kazuo Ueda, Issei Kato, Ueda, Leika Kihara, Tom Hogue Organizations: of Japan, REUTERS, Rights, Bank of Japan, Thomson Locations: Tokyo, Japan

☆ BOJ to take 'gradual & phased' approach in normalizing monetary policy
▼ + stars: | 2023-11-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Japan will take a 'gradual and phased' approach in normalizing monetary policyKei Okamura of Neuberger Berman thinks Bank of Japan Governor Ueda will be "quite cautious" in monetary policy decisions.

Persons: Kei Okamura, Neuberger Berman, Ueda Organizations: Email Bank of Japan, Bank, Japan

"Given the fast-changing landscape, I believe those who move fast (with wage hikes) should become competitive." A demand made this year by Rengo, Japan's largest trade union confederation, for pay hikes of "around 5%" resulted in average wage hikes of 3.58% among major companies. Six out of 10 economists in a Reuters poll expect major firms' pay hikes in 2024 to exceed this year's. The key, however, would be whether wage hikes broaden to smaller firms and those in the regional areas. A report by the BOJ's regional branch managers in October warned wage hikes remained uneven among sectors with many firms undecided on next year's pay increments.

Persons: Kim Kyung, Takeshi Niinami, Fumio, Kazuo Ueda, Hisashi Yamada, Rengo, Atsushi Takeda, Kishida, Keita Kondo, Tetsushi Kajimoto, Kentaro Sugiyama, Sam Holmes, Leika Organizations: REUTERS, Rights, Suntory Holdings Ltd, Reuters, Meiji, Life Insurance, Suntory Holdings, Bank, Japan, Hosei University, OECD, UA Zensen, Itochu Economic Research Institute, Thomson Locations: Tokyo, Japan, Ukraine, Saitama

☆ BOJ will debate easy-policy exit when inflation nears target -Gov Ueda
▼ + stars: | 2023-11-17 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

Bank of Japan (BOJ) Governor Kazuo Ueda attends a news conference after their policy meeting at BOJ headquarters in Tokyo, Japan April 28, 2023. The fate of the central bank's purchases and holdings of exchange-traded funds (ETF) will also be discussed as and when the BOJ considers an exit from ultra-loose policy, he added. "We will consider ending yield curve control and negative interest rates if we can expect inflation to stably and sustainably meet our 2% target," Ueda told a semi-annual testimony to parliament on Friday. "Trend inflation is likely to gradually accelerate toward our 2% inflation target through fiscal 2025. "If achievement of our price target approaches, we will discuss a strategy and guidelines for exiting ultra-loose policy," including the fate of its ETF holdings, Ueda said.

Persons: Kazuo Ueda, Issei Kato, Ueda, Leika, Shri Navaratnam, Sam Holmes Organizations: of Japan, REUTERS, Bank of Japan, Thomson Locations: Tokyo, Japan, TOKYO

The Shanghai Composite index edged 0.1% higher to 3,054.37. Taiwan’s Taiex gained 0.2% and the Sensex in Mumbai fell 0.1%. Wall Street’s stocks drifted to a mixed finish Thursday as market momentum slowed following the sizzling rally of the first half of November. The Dow Jones Industrial Average slipped 0.1% to 34,945.47, and the Nasdaq composite gained 0.1% to 14,113.67. Stocks in the oil-and-gas industry swooned after the price of crude tumbled sharply to its lowest level since July.

Persons: Seng, Kazuo Ueda, Ueda, Australia’s, Taiwan’s Taiex, ” Yeap Jun Rong, IG, Macy’s, Sonos, Stocks, Halliburton, Brent Organizations: Nikkei, Bank of Japan Gov, U.S, U.S ., Dow Jones, Nasdaq, Walmart, Cisco Systems, Marathon Petroleum Locations: HONG KONG, U.S, New York, Shanghai, South Korea, Mumbai

REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsNov 10 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The three main U.S. equity indices quickly sank, and ended between 0.7% and 1% lower on the day. If Asian and emerging stocks follow Wall Street's lead, they will close the week in the red. Sentiment towards China, meanwhile, suffered another blow on Thursday after inflation figures showed that consumer prices swung lower in October. On the political front, Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Janet Yellen hold talks in San Francisco.

Persons: Jerome Powell, Kevin Lamarque, Jamie McGeever, Kazuo Ueda, Ueda, Lifeng, Janet Yellen, Yellen, Deepa Babington Organizations: Federal, Committee, Federal Reserve, REUTERS, Fed, Treasury, Traders, U.S ., Bank of Japan, ., PMI, Thomson, Reuters Locations: Washington , U.S, U.S, Tokyo, Japan, China, San Francisco, Zealand, India, Australia

☆ BOJ Ueda signals chance of exit from easy policy before real wages rise
▼ + stars: | 2023-11-08 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

Bank of Japan (BOJ) Governor Kazuo Ueda attends a news conference after their policy meeting at BOJ headquarters in Tokyo, Japan April 28, 2023. "Real wages would likely have turned positive when a positive wage-inflation cycle kicks off," Ueda said. "But in terms of how long we maintain our massive monetary easing ... real wages don't necessarily have to turn positive before that decision is made," he said. "The decision (of ending ultra-loose policy) could be made if we can foresee with some certainty that real wages will turn positive ahead," Ueda told parliament. Ueda said the pass-through of rising import prices must dissipate and that wages and inflation needed to rise in tandem for the BOJ to consider exiting ultra-easy policy.

Persons: Kazuo Ueda, Issei Kato, BOJ Ueda, Ueda, YCC, Leika Kihara, Lincoln, Sam Holmes Organizations: of Japan, REUTERS, Bank of Japan, ., Thomson Locations: Tokyo, Japan, TOKYO

☆ Dollar steady as risk rally eases, RBA in focus
▼ + stars: | 2023-11-07 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken, February 8, 2021. The Australian dollar was 0.23% lower at $0.6474, but remained close to the three-month peak of $0.6523 touched on Monday. "I think the RBA will probably reiterate its tightening bias," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. "But I think it's still too early to say the latest easing in the dollar will be sustained. The yen hit 151.74 per dollar last week, edging closer to October 2022 lows that spurred several rounds of dollar-selling intervention.

Persons: Dado Ruvic, Carol Kong, Neel Kashkari, Jerome Powell, Powell, CBA's, Sterling, Kazuo Ueda, Ankur Banerjee, Sam Holmes Organizations: REUTERS, Rights, Reserve Bank of Australia, Commonwealth Bank of Australia, New Zealand, Fed, Federal Reserve Bank of Minneapolis, U.S, Bank of Japan, Thomson Locations: Rights SINGAPORE, Tokyo, Singapore

☆ Dollar steady as risk rally eases, Reserve Bank of Australia in focus
▼ + stars: | 2023-11-07 | by ( ) www.cnbc.com time to read: +3 min

A man walking past the Reserve Bank of Australia in the central business district of Sydney on June 7, 2022. The dollar was steady on Tuesday, holding overnight gains as investors took a breather from a risk rally, while the Australian currency drifted lower ahead of a central bank interest rates decision later in the day. All eyes in Asian hours will be on the Reserve Bank of Australia, which is widely expected to raise rates by 25 basis points, snapping four months of on hold policy decisions. Federal Reserve Bank of Minneapolis President Neel Kashkari said on Monday the U.S. central bank likely has more work ahead of it to control inflation. The yen hit 151.74 per dollar last week, edging closer to October 2022 lows that spurred several rounds of dollar-selling intervention.

Persons: Carol Kong, Neel Kashkari, Jerome Powell, Powell, CBA's, Sterling, Kazuo Ueda Organizations: Reserve Bank of Australia, Commonwealth Bank of Australia, New Zealand, Fed, Federal Reserve Bank of Minneapolis, U.S, Bank of Japan Locations: Sydney, Tokyo

☆ Exclusive: BOJ plans to exit from easy policy next year but needs some good fortune
▼ + stars: | 2023-11-02 | by ( Leika Kihara | ) www.reuters.com time to read: +6 min

Ueda's intentions are based on interviews with six sources familiar with the BOJ's thinking, including government officials with direct interaction with the bank. "Given uncertainty over the economic outlook, the BOJ probably wants to wait at least until spring next year in normalising policy," said another source. If the yen continues to fall, that could heighten political pressure on the BOJ to exit sooner than it wants, some analysts say. The risk of sharp yen falls and an inflation overshoot may leave the BOJ with less time than it wants to exit. "The BOJ doesn't have much time left, a point governor Ueda is probably mindful of."

Persons: Kazuo Ueda, Ueda, Kuroda, it's, Robert Samson, Ueda hasn't, Hiromi Yamaoka, Leika Kihara, Anisha, Shri Navaratnam Organizations: Japan, Kyodo, REUTERS, Bank of Japan, Nikko Asset Management, Thomson Locations: Tokyo, Japan, BOJ, YCC, TOKYO, U.S, Bengaluru

Bank of Japan Governor Kazuo Ueda attends a press conference after its policy meeting in Tokyo, Japan October 31, 2023, in this photo taken by Kyodo. In addition, interest rate changes were asymmetric — Fed rate hikes following stock market recoveries were usually muted compared with the initial cuts. This was an explicit, open-ended policy to hold the currency at a set level and flood the Swiss economy and markets with oceans of liquidity, but essentially still a central bank put. As Marc Chandler at Bannockburn Global Forex points out, it is financial stability that is ultimately - and rightly - at the heart of the so-called central bank put. "There is a perception or myth that has built up around the central bank put.

Persons: Kazuo Ueda, Alan Greenspan, Louis, William Poole, Greenspan, Steven Englander, Marc Chandler, Chandler, Jonathan Oatis Organizations: Japan, Kyodo, REUTERS Acquire, Rights, Bank of Japan, Federal Reserve, Louis Fed, Swiss National Bank, Standard Chartered, National Bureau of Economic Research, Swiss, Reuters, Bannockburn Global, Thomson Locations: Tokyo, Japan, Rights ORLANDO , Florida, New York, Switzerland, Swiss, Bannockburn

☆ BOJ chooses slow path out of zero-rate limbo
▼ + stars: | 2023-10-31 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +4 min

REUTERS/Susana Vera Acquire Licensing RightsHONG KONG, Oct 31 (Reuters Breakingviews) - The Bank of Japan (8301.T) is taking the long road out of zero-interest rate limbo. On the face of it, BOJ Governor Kazuo Ueda and his colleagues made few policy changes at their latest meeting. The short-term interest rate remains negative, while the official yield target for 10-year Japanese government bonds is unchanged at 0%. However, the real challenge for Ueda is when to end the era of negative short-term interest rates. The BOJ’s nine-member board maintained its target for short-term interest rates of -0.1%.

Persons: Kazuo Ueda, Susana Vera, Haruhiko Kuroda, Ueda, “, Antony Currie, Thomas Shum Organizations: Japan, International Monetary Fund, World Bank, REUTERS, Reuters, Bank of Japan, U.S, Thomson Locations: Marrakech, Morocco, HONG KONG, Japan

A passerby walks past an electric monitor displaying recent movements of various stock prices outside a bank in Tokyo, Japan, March 22, 2023. The U.S. 10-year yield has shot up 35 basis points this week, on track for its biggest weekly rise in over a decade. The 2s/10s yield curve has steepened 27 basis points, which would be the biggest weekly steepening move since March. The 10-year yield rose as high as 4.996%, a level not seen since July 2007. On the economic data front, data are expected to show Japan's annual core inflation rate was 2.7% in September, cooling from 3.1% in August.

Persons: Issei KatoFile, Jamie McGeever, Kazuo Ueda, Jerome Powell, Ueda, Josie Kao Organizations: REUTERS, Bank of Japan, People's Bank of, Federal, Netflix, Thomson, Reuters Locations: Tokyo, Japan, Treasuries, Malaysia, Hong Kong, China, People's Bank of China, Asia, U.S, Hill, East

☆ Japan tells G20 it may need to act in FX market
▼ + stars: | 2023-10-13 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

The remarks came as the yen renewed its declines against the dollar, and underscored Tokyo's resolve to keep markets on edge over the chance of exchange-rate intervention to prop up the Japanese currency. "I told the G20 meeting we need to be mindful of the risk that market volatility could heighten, including in the currency market, as monetary tightening continues globally," Suzuki told a news conference after attending a meeting of Group of 20 (G20) finance ministers and central bank governors. "I also said excess volatility in the currency market was undesirable, and that we may need to take appropriate action depending on developments," Suzuki said. The official said Tokyo stood ready to act in the currency market if market moves become too volatile. Japan last intervened in the currency market to prop up the yen in September and October last year.

Persons: Shunichi Suzuki, Susana Vera, Suzuki, Kazuo Ueda, Leika Kihara, Cynthia Osterman, David Gregorio, Marguerita Choy Organizations: International Monetary Fund, World Bank, REUTERS, Japanese Finance, . Federal Reserve, Bank of Japan, Group, Thomson Locations: Marrakech, Morocco, Tokyo, MARRAKECH, Japan

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