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Japanese finance minister frets about 'hectic' yen swings

Tuesday, August 2, 2022
Japanese finance minister frets about 'hectic' yen swings © Reuters. Japanese Finance Minister Shunichi Suzuki attends the G20 Finance Ministers Meeting in Nusa Dua, Bali, Indonesia July 16, 2022. Sonny Tumbelaka/Pool via REUTERS

By Tetsushi Kajimoto

TOKYO (Reuters) - Japanese Finance Minister Shunichi Suzuki on Tuesday reiterated the need for currencies to move stably reflecting fundamentals, describing recent yen swings as "hectic", highlighting the complication for authorities in responding to sharp currency moves.

The dollar extended its decline on Tuesday, falling to its lowest in two months against the Japanese currency which has until recently been sliding against the greenback. It is currently fetching 130.66 yen, having rebounded from 24-year lows beyond 139 yen touched last month.

The sharp currency swings could complicate efforts by Japanese policymakers to stem the yen's weakness, which they worry would boost living costs and undermine the terms of trade by widening trade deficits.

On the other hand, any sharp yen rebound could hurt Japan's export-led economy as it makes domestic shipments of cars and electronics goods less price-competitive.

"The yen was weakening but now swinging to rise. The moves appeared quite hectic to me," Suzuki told reporters.

Suzuki told reporters he would carefully watch yen moves and their impact on the economy while coordinating with the Bank Of Japan on any agreed actions.

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19-08-2022 14:41:47 (UTC+7)

EUR/USD

1.0089

+0.0001 (+0.01%)

Summary

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EUR/USD

1.0089

+0.0001 (+0.01%)

Summary

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Moving Avg:

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1.1919

-0.0010 (-0.09%)

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USD/JPY

136.54

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 GBP/USD1.1919↑ Buy
 USD/JPY136.54Buy
 AUD/USD0.6913↑ Buy
 USD/CAD1.2968↑ Sell
 EUR/JPY137.75↑ Buy
 EUR/CHF0.9665↑ Buy
 Gold1,766.80↑ Sell
 Silver19.185↑ Sell
 Copper3.6275↑ Buy
 Crude Oil WTI89.59↑ Buy
 Brent Oil95.67↑ Buy
 Natural Gas9.079↑ Buy
 US Coffee C214.80↑ Sell
 Euro Stoxx 503,766.75↑ Sell
 S&P 5004,283.74Sell
 DAX13,649.47↑ Sell
 FTSE 1007,537.10↑ Buy
 Hang Seng19,757.00↑ Buy
 Small Cap 20002,000.73↑ Buy
 IBEX 358,401.75↑ Sell
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 Bayer53.78Sell
 Allianz177.44↑ Buy
 Adidas166.65↑ Sell
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 Siemens AG110.06Sell
 Deutsche Bank AG8.725Buy
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Cập nhật 19-08-2022 14:41:52
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Cập nhật lúc 14:37:22 19/08/2022
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