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Kanda's Currency Missive Provides Little New Over June Statement

JAPAN
  • Japan's vice finance minister makes comments to press following the FSA/MOF/BOJ meeting that took place this morning.
  • To compare these Kanda comments with his statement that following the last FSA/BOJ/MOF meeting in June (which ended in no intervention) - very little change in language here, justifying the very short-lived JPY strength. USD/JPY back toward Y144 at typing.

June -

  • Current excessive moves aren't aligned with fundamentals
  • Appropriate responses include a wide variety of options
  • Concerned about sudden moves in the yen
  • Will monitor impact on economy with further closeness

September -

  • Stance remains the same as last statement
  • Highly concerned about recent moves
  • Won't rule out any options if fx moves continue
  • Fundamentals alone can’t justify recent yen move

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