Japan finance minister says forex intervention should be done in restrained manner
Japanese Finance Minister Shunichi Suzuki on the sidelines of the IMF/G20 meetings at the US Treasury in Washington, on Apr 17, 2024. (Photo: REUTERS/Kevin Lamarque
TOKYO: Finance Minister Shunichi Suzuki said on Friday (Jun 7) that recent foreign exchange intervention was conducted to contain excessive volatility, but such action should be done in a restrained manner.
"Foreign exchange intervention should be done with its necessity and effectiveness taken into account," Suzuki said, speaking in a regular post-cabinet meeting news conference.
Data from the Ministry of Finance showed last week that authorities spent ¥9.79 trillion (US$62.85 billion) intervening in the market to support the yen over the past month.
On Friday, data from the ministry showed that Japan's foreign reserves fell to US$1.23 trillion at the end of May, down US$47.4 billion from a month earlier.
Suzuki said that the drop partly reflected the intervention.
