Atsushi Mimura, Japan’s newly appointed Vice Finance Minister for International Affairs and top foreign exchange official, said in an interview with Bloomberg on Monday that “while the recent depreciation of the yen has both advantages and disadvantages, the drawbacks are becoming more noticeable.”
Additional comments
Intervention is one of the measures available to counteract speculation that weighs excessively on the currency.
The impact of rising energy and food prices on consumers and importers is among the drawbacks of the weak Yen.
Intervention a necessary measure to counter speculation.
Market reaction
The Japanese Yen is holding on to bids near 152.25 against the US Dollar, as of writing, up 0.32% on the day. The USD/JPY pair is awaiting the Bank of Japan (BoJ) interest rate decision to be announced later in this session.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
