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☆ G7 to discuss digital currency standards, crypto regulation
▼ + stars: | 2023-04-11 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

"As a priority of this year, the G7 will consider how best to help developing countries introduce CBDC consistent with appropriate standards, including the G7 public policy principle for retail CBDC," he said. Outside the G7, China has been leading the pack on issuing a digital currency. G7 central banks have set common standards toward issuing CBDCs as some proceed with experiments. The collapse of crypto exchange FTX last year "was a serious wake-up call" for policymakers to create regulation across borders, he said. Reporting by Leika Kihara in Tokyo; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Credit Suisse fell 8% in Europe and First Republic tumbled 30%. Banking troubles revived memories of the 2008 financial crisis, when dozens of institutions failed or were bailed out with billions of dollars of government and central bank money. Earlier this week, the franc plunged the most against the dollar in one day since 2015, when the Swiss central bank loosened its currency peg. Japan's Ministry of Finance, Financial Services Agency and Bank of Japan officials met on Friday evening to discuss financial markets. Masato Kanda, vice finance minister for international affairs, told reporters after the trilateral meeting that the government, the central bank and the banking watchdog would coordinate to ensure the stability of the financial system.

☆ G20 watchdog homes in on decentralised finance after FTX crash
▼ + stars: | 2023-02-16 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

FSB member countries will now "proactively" analyse vulnerabilities from DeFi as part of regular monitoring of crypto markets, the report said. The collapse of FTX last November exposed vulnerabilities in intermediaries and DeFi, the report said. FSB DeFi Graphic 1SUPERVISION GAPSThe most worrying vulnerability in DeFi relates to "mismatches" in liquidity from different maturities in liabilities and assets, the report said. Until the sharp retreat in bitcoin prices and the FTX crash, regulators had largely focused on cryptoassets rather than related technology. FSB DeFi Graphic 2Reporting by Huw Jones Editing by Helen PopperOur Standards: The Thomson Reuters Trust Principles.

☆ Japan's top FX diplomat warns sharp currency moves won't be tolerated
▼ + stars: | 2023-01-26 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

TOKYO, Jan 26 (Reuters) - Sharp one-sided currency moves cannot be tolerated, Japan's top finance diplomat Masato Kanda told Reuters, reaffirming Tokyo's determination to intervene in the foreign exchange market to curb any speculative or significant yen moves. Kanda oversaw Japan's currency intervention conducted last year to prop up the yen after it fell around 30% to 32-year lows near 152 to the dollar. Kanda emphasised that the government aims to keep currency moves stable, while the Bank of Japan (BOJ) has independence in guiding monetary policy and focuses on achieving price stability. But policy itself is independent," Kanda said of the central bank's monetary policy. The BOJ's ultra-loose monetary policy has drawn criticism from some analysts as having triggered an unwelcome yen plunge last year that inflated the cost of raw material imports.

☆ Russia sanctions, Ukraine support to be G7 priority, says Japan diplomat
▼ + stars: | 2023-01-26 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

"Sanctions against Russia and support for Ukraine will be a top priority at G7 financial leaders' meetings under Japan's chair," said Kanda, who will oversee G7 deputy-level talks on economic policy this year. While Kanda underscored the importance of G7 unity in standing up to Russia, some analysts say there may be differences on sanctions, particularly among Europeans who are being forced to wean themselves off Russian energy supplies. Kanda, who is vice finance minister for international affairs, listed the challenges the G7 will have to confront over the coming year. "If this is realised, it would pave the way to carry out debt restructuring for other middle-income countries." Reporting by Tetsushi Kajimoto; Additional reporting by Kentaro Sugiyama; Editing by Robert Birsel and Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Japan spent record $42.8 bln in October interventions to prop up yen
▼ + stars: | 2022-10-31 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

The 6.3499 trillion yen ($42.8 billion) was broadly in line with the estimates of Tokyo money market brokers who thought Japan had likely spent up to 6.4 trillion yen over two consecutive trading days of unannounced interventions. A steep drop in the yen to a 32-year low of 151.94 to the dollar on Oct. 21 likely triggered the intervention, followed by another one on Oct. 24. However, the amount was nearly double the 2.8 trillion yen Tokyo spent last month in its first yen-buying and dollar-selling intervention in more than two decades. The interventions helped to trigger an immediate drop in the dollar of more than 7 yen on Oct. 21, and another dollar fall to the yen by around 5 yen on Oct. 24 albeit temporarily. "This suggested that the Japanese authorities will continue to attack market players selling off the yen beyond 150 yen."

☆ Japan likely spent record amount in October to prop up yen
▼ + stars: | 2022-10-31 | by ( Tetsushi Kajimoto | Wayne Cole | ) www.reuters.com time to read: +3 min

A compilation of estimates by Tokyo money market brokers indicates that Japan likely spent a record 5.4 trillion yen ($24.9 billion) over two consecutive trading days of unannounced intervention on Oct. 21 and 24, in reaction to a steep drop in the yen to a 32-year low of 151.94 to the dollar on Oct. 21. That would be nearly double the 2.8 trillion yen Tokyo spent last month in its first yen-buying and dollar-selling intervention in more than two decades. The latest intervention helped to trigger an immediate drop in the dollar of more than 7 yen, but the Japanese currency has since come under renewed pressure. The Ministry of Finance will announce on Monday at 7 p.m. (1000 GMT) the total amount spent for intervention from Sept. 29 to Oct. 27. Indeed, Japan's top currency diplomat, Masato Kanda, has said there was no limit to the authorities' resources for conducting intervention.

☆ Japan says Yellen respects its decision not to disclose any FX intervention
▼ + stars: | 2022-10-25 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

[1/2] U.S. Treasury Secretary Janet Yellen participates in a discussion at the annual Freedman's Bank Forum at the Treasury Department in Washington, U.S., October 4, 2022. That raised speculation that Japan and the United States might be at odds over currency policy, which would make it difficult to intervene further. "Treasury Secretary Yellen respects Japan's stance of not confirming whether or not we conducted intervention, so we appreciate that." Finance Minister Shunichi Suzuki also said on Tuesday that Japan was closely in touch with the United States and that both have reaffirmed the Group of Seven agreement on currencies. Since Japan's yen-buying intervention on Sept. 22, the authorities have kept mum on whether they had entered the currency market, although sources have said stealth intervention was conducted last Friday and this Monday.

Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. REUTERS/Florence Lo/Illustration/File PhotoSummary Yen volatile as Tokyo suspected of intervention for 2nd dayYen plunged to 32-year low vs dollar near 152 yen FridayFX officials remains tight lipped on interventionTOKYO, Oct 24 (Reuters) - The Japanese yen was whipsawed in early Monday trading on suspected intervention by Tokyo for the second straight day, but the efforts to slow the currency's relentless slide was blunted by a dollar riding a wave of yield-driven and safe-haven demand. Japanese authorities again declined to confirm whether they had intervened, but the price action strongly suggested they had. read moreEarly on Monday, the Japanese currency made a thumping 4 yen jump to 145.28 per dollar, indicating currency authorities had stepped in for a second successive day, after a similar move by Tokyo on Friday. If the United States shows signs of its rate hikes peaking out and even cutting interest rates, the yen would stop weakening even without intervention."

Register now for FREE unlimited access to Reuters.com RegisterAfter the dollar rose to 151.94 yen , its highest since 1990, the intervention drove the greenback down more than 7 yen to a low of 144.50 yen. The Ministry of Finance (MOF) intervened in several stages from around 9:35 p.m. (1235 GMT), one source said. Japan's top currency diplomat, Masato Kanda, also declined to say whether the MOF had intervened. Many market players doubt whether Tokyo can reverse the yen's downtrend with solo intervention, even with Japan's $1.33 trillion in foreign reserves. Japan bought a record 3.6 trillion yen ($24 billion) in the September action, Tokyo money market brokerage firms estimated.

Coins and banknotes of Japanese yen are seen in this illustration picture taken June 16, 2022. That contrasts with Japan's intervention after the 2011 earthquake and tsunami to quell sharp yen rises, in which authorities announced most interventions. "With stealth intervention, authorities can give markets the impression they could be stepping in more frequently than they actually have," said Atsushi Takeda, chief economist at Itochu Research Institute. That means Tokyo will need to rely more on its words - or its silence - rather than reserves to shore up the yen. You could say stealth intervention may be better than nothing, though it's really just buying time."

Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. On Sept. 22 they stepped in to prop up the yen for the first time since 1998. "I won't comment," Finance Minister Shunichi Suzuki told reporters at the finance ministry, when asked about intervention. "We absolutely cannot tolerate excessive moves in the foreign exchange market based on speculation," Suzuki told reporters at the finance ministry. Masato Kanda, vice finance minister for international affairs, also declined to comment on intervention.

☆ Japan intervened, buying yen in foreign exchange market late Friday: Reuters, citing sources
▼ + stars: | 2022-10-22 | by ( ) www.cnbc.com time to read: +1 min

Japan's finance ministry on Sept. 22, 2022 intervened in the currency market to bolster the yen, which has plummeted against the U.S. dollar in recent months on the widening policy gap between the US and Japanese central banks. Japan intervened in the foreign exchange market on Friday to buy yen for the second time in a month after the currency hit a 32-year low near 152 to the dollar, a government official and another person familiar with the matter told Reuters. After the dollar rose to 151.94 yen, its highest since 1990, the intervention drove the Japanese currency down more than 7 yen to a low of 144.50 yen. The Ministry of Finance (MOF) intervened in several stages from around 9:35 p.m. (1235 GMT), one source said. Japan's top currency diplomat, Masato Kanda, declined to say whether the MOF had intervened.

After the dollar rose to 151.94 yen , its highest since 1990, the intervention drove the Japanese currency down more than 7 yen to a low of 144.50 yen. Register now for FREE unlimited access to Reuters.com RegisterThe Ministry of Finance (MOF) intervened in several stages from around 9:35 p.m. (1235 GMT), one source said. Speaking to reporters shortly after the yen spiked, Japan's top currency diplomat, Masato Kanda, declined to comment on whether the MOF had intervened, according to Jiji news agency. Many market players doubt whether Tokyo can reverse the yen's downtrend with solo intervention, even with Japan's $1.33 trillion in foreign reserves. Japan bought a record 3.6 trillion yen ($24 billion) in the September action, Tokyo money market brokerage firms estimated.

Kanda, vice finance minister for international affairs, said he will not comment on whether Japan was intervening now or have stepped into the currency market earlier on Thursday. Japanese Finance Minister Shunichi Suzuki also told reporters after the yen's latest slide that he will "take decisive action" against excessive, sharp yen moves. "We cannot tolerate excessive, rapid currency market moves driven by speculative action," Suzuki said. The yen's break of 150 against the dollar took it to its weakest level since August 1990. The BOJ, for its part, ramped up efforts to defend its 0% bond yield cap earlier on Thursday with offers of emergency bond buying.

☆ Japan keeps up warnings over rapid yen moves after G20
▼ + stars: | 2022-10-17 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

Japan's vice minister of finance for international affairs, Masato Kanda, poses for a photograph during an interview with Reuters at the Finance Ministry in Tokyo, Japan January 31, 2022. The phrasing about "decisive steps" is at times deployed as a prelude to intervention, although the authorities' warnings on currency moves have not generally had consistent or long-lasting effects on the markets. On Monday, the yen was again hovering close to 149 per dollar, trading around 148.70. The yen's sharp moves also heighten uncertainty for firms in making business decisions. Japanese policymakers have said they won't seek to defend a certain yen level, and instead will focus on smoothing volatility.

☆ Japan's top currency diplomat: will respond to excessive FX moves
▼ + stars: | 2022-10-17 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

Japan's vice minister of finance for international affairs, Masato Kanda, poses for a photograph during an interview with Reuters at the Finance Ministry in Tokyo, Japan January 31, 2022. REUTERS/Issei KatoTOKYO, Oct 17 (Reuters) - Japan will respond firmly to excessive currency fluctuations, its top currency diplomat Masato Kanda said, following the yen's sharp fall to a 32-year low to the dollar. "Each country would respond appropriately" to an agreement on foreign exchange market moves by the Group of Seven (G7) and G20 meetings last week, Kanda, vice finance minister for international affairs, told reporters at the Ministry of Finance. In addition, the yen's sharp falls heighten uncertainty for firms in making business decisions. Separately, Finance Minister Shunichi Suzuki said on Monday authorities would take decisive steps against excess currency moves driven by speculation, the Nikkei business daily reported.

☆ Sterling rebounds on UK fiscal policy U-turn; yen struggles
▼ + stars: | 2022-10-17 | by ( ) www.cnbc.com time to read: +3 min

In this photo illustration, British GDP £1 coins and bank notes are pictured in Bath, England. The news came hours after she sacked former finance minister Kwasi Kwarteng, with Jeremy Hunt replacing him. All eyes are now on how the UK government bond market will trade, after the Bank of England on Friday concluded its emergency gilt market support. The U.S. dollar index , which measures the greenback against a basket of currencies including the yen, firmed at 113.02. Elsewhere, the euro gained 0.26% to $0.9748, while the Australian and New Zealand dollars bounced mildly from recent losses.

☆ Analysis: G7 fails to reach intervention deal to ease pain of soaring dollar
▼ + stars: | 2022-10-16 | by ( Leika Kihara | ) www.reuters.com time to read: +7 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. With a strong push from Japan, finance leaders of the Group of Seven advanced economies included a phrase in a statement on Wednesday saying they will closely monitor "recent volatility" in markets. "Many countries saw the need for vigilance to the spill-over effect of global monetary tightening, and mentioned currency moves in that context. "I've said on many occasions that I think a market-determined value for the dollar is in America's interest. "It's impossible to reverse the yen's downtrend with solo intervention," said Daisaku Ueno, chief forex strategist at Mitsubishi UFJ Morgan Stanley Securities.

☆ Japan's FX diplomat vows 'decisive' action against volatile yen moves
▼ + stars: | 2022-10-15 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

WASHINGTON (Reuters) -Japan’s top currency diplomat Masato Kanda on Friday said authorities are ready to take decisive action in the currency market if excessive moves in the yen continue. “As mentioned in the statement, excessive volatility and disorderly moves in the currency market have a negative impact on economies,” said Kanda, who oversees Japan’s currency policy as vice finance minister for international affairs. “If excessive moves in the yen continue, we’re ready to take decisive action any time,” Kanda told reporters in Washington. “I won’t comment on specific market moves,” Kanda said when asked whether the yen’s sharp declines in recent days were deemed volatile. “I will, however, mention that many people believe recent moves have been somewhat rapid,” he added.

☆ Japan Intervenes in Currency Markets to Support Yen
▼ + stars: | 2022-09-22 | by ( Chieko Tsuneoka | ) www.wsj.com time to read: 1 min

TOKYO—Japan said Thursday it intervened in currency markets to sell dollars and buy yen, the first such intervention in 24 years, in a bid to stem the recent sharp fall of the currency. The vice minister of finance, Masato Kanda, confirmed the intervention in brief comments to reporters. He said Tokyo took decisive measures to stem what it earlier described as an unwelcome fall in the yen.

☆ Japan intervenes in FX market to stem yen falls after BOJ keeps super-low rates
▼ + stars: | 2022-09-22 | by ( ) www.cnbc.com time to read: +2 min

The Bank of Japan has voted to keep interest rates ultra-low to support the country's fragile economic recovery. Japan intervened in the currency market on Thursday to shore up the battered yen for the first time since 1998, in the wake of the central bank's decision to maintain ultra-low interest rates that have been driving down the currency. The dollar extended its fall against the yen and was last down over 2% at 141.15 yen after confirmation of the intervention. We won't be raising interest rates for some time," BOJ Governor Haruhiko Kuroda told a briefing after the policy decision. In a widely expected move, the BOJ maintained ultra-low interest rates at a two-day meeting that ended on Thursday and left unchanged a pledge to keep rates at "present or lower levels."

☆ Yen strengthens after Japanese government dumps dollars to prop up the currency in its first intervention since 1998
▼ + stars: | 2022-09-22 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Japanese yen climbed 1% against the dollar Thursday after authorities moved to prop up the currency. It's the first time since 1998 that the Japanese government has intervened in currency markets. The dollar fell as much as 2.6% to 140.31 yen and was down 0.6% to 143.21 yen at last check. The yen's rally came after the Japanese government said it would buy yen and sell dollars in a bid to shore up the currency. "The big question is whether it will make a difference and change the long-term direction of the Japanese yen's decline," CMC Markets' chief analyst Michael Hewson said.

☆ Japan intervened in forex market to stem weak yen - top currency diplomat Kanda
▼ + stars: | 2022-09-22 | by ( Neil Jerome Morales | Enrico Dela Cruz | ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterCoins and banknotes of Japanese yen are seen in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration/File PhotoTOKYO, Sept 22 (Reuters) - The Japanese government has intervened in the foreign exchange market to sell dollars for yen to stem the Japanese currency's recent sharp falls, top currency diplomat Masato Kanda said on Thursday. "We have taken decisive action (in the exchange market)," he told reporters, responding in the affirmative when asked if that meant intervention. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tetsushi Kajimoto Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ Jerome Powell is heading into the 'danger zone'
▼ + stars: | 2022-09-22 | by ( Julia Horowitz | Cnn Business | ) edition.cnn.com time to read: +7 min

London (CNN Business) When the Federal Reserve started hiking interest rates to combat decades-high inflation, Chair Jerome Powell stressed that the central bank could increase borrowing costs without inflicting too much damage on the economy. Breaking it down: The central bank didn't go as hard as some investors thought it might. The Fed's main interest rate is now set between 3% and 3.25%. Plus, many factors pushing up inflation numbers — such as the war in Ukraine and drought conditions — are outside the central bank's control. Central banks have "no choice" but to increase interest rates in an effort to combat inflation, she added.

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