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MNI BRIEF: Japan Govt, BOJ To Take Timely Action On FX Moves

(MNI) Tokyo

The Bank of Japan and the government stand ready to take necessary action in foreign exchange markets, if necessary, while closely contacting their counterparts, a joint statement issued on Friday said.

Senior officials at the BOJ, the Ministry of Finance and the Financial Services Agency held their regular meeting on Friday to exchange view on financial markets and global economic conditions. “They are worried about the recent rapid weakness of the yen,” the statement said. “It is vital for foreign exchange markets to move stably reflecting economic fundamentals and rapid forex movements are undesirable.”

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The Bank of Japan and the government stand ready to take necessary action in foreign exchange markets, if necessary, while closely contacting their counterparts, a joint statement issued on Friday said.

Senior officials at the BOJ, the Ministry of Finance and the Financial Services Agency held their regular meeting on Friday to exchange view on financial markets and global economic conditions. “They are worried about the recent rapid weakness of the yen,” the statement said. “It is vital for foreign exchange markets to move stably reflecting economic fundamentals and rapid forex movements are undesirable.”

Keep reading...Show less